x Abu Dhabi, UAETuesday 23 January 2018

The London listed company is currently developing 270 serviced flats in the 10 storey Tenora block, with prices starting at Dh610,000, and work expected to complete in the summer of 2015.

Damac's new Tenora development at DWC. Courtesy Damac.
Damac's new Tenora development at DWC. Courtesy Damac.

Damac has become the latest property company to announce that it is building new homes close to the Dubai Expo 2020 site.

The London listed, Dubai-based company is currently developing a block of 270 serviced flats in the residential quarter in the north east corner of the 140 square kilometre Dubai World Central district around the city’s new Al Maktoum Airport where the Expo will also take place.

In a statement, Damac said that it had started selling apartments in the 10 storey Tenora block today, with prices starting at Dh610,000.

The company added that construction of the block was already “well advanced” and was expected to be completed by summer 2015.

“Tenora is designed specifically to support the influx of people to the Dubai World Central area of Dubai – not only during the exhibition itself, but also the many thousands of people who will be working on the project in the lead up to the event,” said Niall McLoughlin, senior vice president, DAMAC Properties.

Since the official body, the Bureau International des Expositions, awarded Dubai the right to host the 2020 World Expo two weeks ago, property companies have announced a rush of new developments in and around the Dubai World Central megasite.

Last week Emaar signed a deal with Dubai World Central to develop a 13.63 million square metre scheme comprising villas, a golf course, hotels and a mall on the DWC site.

The Abu Dhabi-based property investor Tasweek has said that it has also signed a joint venture with a landowner to develop 800 new townhouses close to the site.

Last month Nakheel began selling 500 plots of land to smaller developers to build housing at its Al Furjan project, which is a five-minute drive from the Expo site. And Dubai Properties Group reported a “marked increase” in demand from other developers to buy plots of land at its 278-square kilometre Dubailand district. The Arjan, Marjan and Liwan areas of Dubailand are just a few minutes’ drive from the Expo venue.

lbarnard@thenational.ae