Jumeirah will see the release of 270 new housing units in the coming months as Dubai Real Estate Corporation (DREC) begins leasing for its Wasl Square project.
The project, dubbed — the Jewel of Jumeirah — by the company, will have 140 apartments and 130 townhouses. The project will consists of 26 one-bedroom apartments, 114 two-bedroom apartments, 14 three-bedroom townhouses and 116 four-bedroom townhouses, according to the company brochure.
In an effort to gauge public interest and set up a rent structure, the company is asking people to register their interest in the project and then select the option for their allocated housing budget.
The “budget” option for one-bed ranges between Dh60,000 and Dh90,000 per annum, two-bed between Dh80,000 and Dh110,000 pa, three-bed townhouses between Dh150,000 and Dh225,000 pa and four-bed townhouses between Dh175,000 and Dh250,000 pa.
The expected completion date is the beginning of 2012, the brochure said, adding the development will be released in phases.
When contacted, a Wasl call centre employee said the date for leasing has not been fixed and their representatives will inform the rents to people who have registered by phone.
The company didn’t reply to questions sent by Emirates 24/7.
Real agents say that the budget, if it corresponds to the rent, is a bit too high and the company will have to compete with apartment owners in freehold areas.
“As per the budget amount mentioned on their website, the rents are on the higher side. They will struggle to fill their apartments as they will have to compete with the strata owners and building owners in freehold area,” said Rakesh Bohra, founder, Value Homes Real Estate Brokers.
He believes the company will be able to rent out their units over a period of time if the rents are lower than the “budget”.
Parvees Gafur, CEO, PropSquare Real Estate, says there isn’t been any new release of units in the Jumeirah area in the past few years.
“We do believe there is demand for residential units… but it will take some time for them to lease out completely as the area is much in demand by GCC nationals who love to stay in villas,” he adds.