Dubai-based real estate developer plans low-cost housing projects

a leading real estate developer in dubai, union properties, is planning to acquire approximately 60 million sq ft of land in uae's commercial capital for housing projects geared towards low to mid income group.

zaid ghoul, chief financial officer said, "we are currently in discussions with the government and private institutions to acquire land in dubai."

sana kapadia, an analyst at efg-hermes holding, said, "low cost housing is something that is tied up to the dubai government plan to provide livable proper accommodation, and there is a certain pressure on the big developers in that area."

the real estate developer in dubai is building the 38 million square-metre (9,390 acres) motor city project, consisting of autodrome and residential units. union properties got the permission to develop f1-themed parks around the world in november 2006, starting with its $360 million dubai f1 project.