One of Dubai’s most populated areas is set to receive 90 new apartments on a residential building worth AED 140 million. The locality is Karama and the developer of the project has promised to start construction activity in just two months. The best part: the developer plans on completing the development in just 1.5 years.
The developer of this new residential building is Beit Al Khair Society (BAKS) and their main motive behind this project is to generate more revenues for the benefit of low income people in Dubai. In a nutshell, it will be an endowed property featuring 20 three-bedroom and 70 two-bedroom apartments, all built upon 3,723 square meters of land area in Al Karama area just opposite Bur Juman centre.
Per project details, the building will be named ‘Karama Endowment’ and consist of five residential floors along with two basements and a ground floor with 11 showrooms. It’s been reported that the investment on the project is in line with the invitation of UAE Prime Minister and Dubai’s ruler Hi Highness Shaikh Mohammed Bin Rashid Al Maktoum to revive Islamic Waqf.
Interestingly, this new endowment building would actually replace two old buildings endowed earlier by Emirati philanthropist Mohammed Khalifa Al Fahad in 2001. The decision is based on the approvals of the late endower’s heirs. Its developers believe that the annual returns from the project would hit AED 13 million after completion.
BAKS Director General Abdeen Taher Al Awadhi revealed that the AED 15 million annual revenues of the Beit Al Khair’s 23 endowed properties represented only five to six percent of the AED 260 million total proceeds collected every year. He said the new waqf would add additional value to their sustainable charity projects.
BAKS Deputy Manager Saeed Al Mazrouie said the society is dedicated to support both Emiratis and expatriates and it spent AED 240 million on 43,000 low-income families last year.
Recently, BAKS developed a 900 square meters endowed property in Diba Al Fujairah and started construction works on another endowed property at Al Warqa-2 on the Shaikh Mohammed Bin Zayed Road just behind Enoc Filling station. It is also planning to develop another endowed property in the Liwara area of Ajman and expects it to be completed by early 2017.