{"id":9562,"date":"2016-03-31T23:50:39","date_gmt":"2016-03-31T16:50:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=9562"},"modified":"2016-03-31T21:57:29","modified_gmt":"2016-03-31T14:57:29","slug":"nshama-to-ramp-up-work-at-dubais-town-square-development","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nshama-to-ramp-up-work-at-dubais-town-square-development\/","title":{"rendered":"Nshama to ramp up work at Dubai's Town Square development"},"content":{"rendered":"


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\nFred Durie, the chief executive of developer Nshama, has said that it is looking to expedite works in a bid to complete the centrepiece of its 300-acre Town Square with a view to completing it by 2020.Mr Durie said that it will look to begin work on the first third of the 37,000 square metre central square “in Q3 or Q4 of this year”.”That will be ready in 2018. We are looking at maybe expediting all of this [central park]. This could be two years later, by 2020.”
\nOnce complete, the central square will be the size of 16 football pitches and contain an outdoor cinema in the middle. It will be overlooked by a Vida \u00adhotel, retail units, and both high and low-rise residential units.Town Square is a 2.9 million sq metres master planned community that will eventu\u00adally contain 3,000 town houses and 18,000 apartments on a site bordering Al Qudra Road and Emirates Road. Mr Durie said that Nshama had made “some great progress” on the site in the 12 months since its launch last April.
\n“On the infrastructure side, all of the top of the site and down through the park, the deep services are in [and] shallow services will finish in September – it’s about 50 per cent to 60 per cent complete already.”In terms of the homes, 1,050 town houses are under construction – 320 within the Zahra district and 730 in Hayat. The first of these are likely to be handed over in September 2017. Work on the first 1,100 apartments is also progressing, and these are likely to be handed over in phases from late 2017 through to early 2018. A sales launch for the next 600 apartments is expected “in a week or two”, Mr Durie added.
\nVirtually all of the 2,000 units launched so far have sold out, with one-bed apartments starting from Dh614,888 and three-bed town houses at just below Dh1 million.Nshama is also in the final stage of negotiations with the operators of two schools that will be built close to its Emirates Road junction.”We’ve made sure the operators are aware that these are middle income homes, so they will be priced so that these people can afford to send their children here,” he said.
\nHe added that designs for other town houses had been completed and that launches for these could take place later this year or early next year, but overall the development is still on track to meet its 10-year build-out plan.”We want to launch 2,000 units a year and to build 2,000 units a year to keep it running.”A white paper produced by property consultancy JLL last year argued that there is a shortage of middle-income housing across the Middle East, with about 3.5 million homes needed in the UAE, Saudi Arabia and Egypt to fill this gap. It highlighted the Nshama project as an example of successful private sector delivery. How\u00adever, earlier this week Core UAE stated that even these schemes were out of reach of most lower-income families.
\nThe Core chief executive David Godchaux argued that many schemes that had been considered affordable several years ago became unattainable as prices boomed and improving infrastructure boosted the appeal of those schemes once considered to be fringe locations. “The city is pushing its limits further and further,” he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Nshama to ramp up work at Dubai’s Town Square development<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fred Durie, the chief executive of developer Nshama, has said that it is looking...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-9562","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2ue","jetpack-related-posts":[{"id":9566,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/unec-set-to-bag-deal-for-next-600-apartments-at-dubais-town-square\/","url_meta":{"origin":9562,"position":0},"title":"Unec set to bag deal for next 600 apartments at Dubai's Town Square","date":"March 31, 2016","format":false,"excerpt":"\r \r United Engineering Construction (Unec) is set to be handed a contract to build the next 600 apartments due to be built at Nshama's Town Square project in Dubai.The Nshama chief executive Fred Durie said that an award to Unec was set to be made shortly - just ahead\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-housing-squeezes-uae-developers-says-former-arabtec-executive\/","url_meta":{"origin":9562,"position":1},"title":"Affordable housing squeezes UAE developers, says former Arabtec executive","date":"August 6, 2016","format":false,"excerpt":"\r Former Arabtec CFO says control of costs the priorityThe former group chief financial officer of Arabtec has said contractors in the region are finding their already tight margins squeezed even further by developers driving the growth of the UAE's afford\u00adable housing sector. Iyad Abdulrahim, who left the firm in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24889,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bloom-properties-plans-affordable-housing-in-abu-dhabi-and-dubai\/","url_meta":{"origin":9562,"position":2},"title":"Bloom Properties plans affordable housing in Abu Dhabi and Dubai","date":"September 4, 2016","format":false,"excerpt":"\r Bloom Properties is planning to build 3,000 flats in Abu Dhabi which can be rented out for as little as Dh45,000 a year.The Abu Dhabi-based developer said that it planned to build five blocks of what it calls \"mid range\" housing in the capital after buyers reserved 182 of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10152,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-properties-to-launch-phase-two-of-arabella-townhouses-in-dubailand\/","url_meta":{"origin":9562,"position":3},"title":"Dubai Properties to launch phase two of Arabella townhouses in Dubailand","date":"April 7, 2016","format":false,"excerpt":"\r \r Dubai Properties is to launch on Saturday the second phase of its Arabella community of townhouses within the Mudon development bordering Emirates Road. Masood Al Awar, chief commercial officer at Dubai Properties, told The National that the developer will release 200 two-, three-, four- and five-bedroom townhouses on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18564,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-awards-dh500-million-contract-for-opera-grand-tower-in-downtown-dubai\/","url_meta":{"origin":9562,"position":4},"title":"Emaar awards Dh500 million contract for Opera Grand Tower in Downtown Dubai","date":"July 4, 2016","format":false,"excerpt":"\r Emaar Properties has awarded a Dh500 million contract to build the Opera Grand Tower in Downtown Dubai to Athens-based Consolidated Contractors Company, according to Meed.Meed said the tower would be 65 to 70 storeys high and that 56 of these would be residential floors. The tower will form part\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23523,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/imminent-rise-in-dubai-house-prices-as-conditions-improve-new-report-says\/","url_meta":{"origin":9562,"position":5},"title":"'Imminent' rise in Dubai house prices as conditions improve, new report says","date":"August 21, 2016","format":false,"excerpt":"\r Dubai's residential market is on the verge of an \"imminent\" increase in prices as a result of improving economic conditions and a relatively stable supply, according to a new Reidin\/Global Capital Partners report. 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