Upbeat property developers in Dubai kicked off the day one at Cityscape Global on Sunday with series of new launches – master developments to standalone projects, but primarily targeting the upmarket segment.
Prices in Dubai’s luxury market still are growing at the fastest pace in the world. In the year to March 2014, prices are up almost 25 per cent, though transactions have slowed down.
However, Dubai Land Department said that total value of real estate transactions had crossed Dh155 billion on as of September 2014, and the market was set for further growth.
The new projects launches were apart from the ones that Emirates 24|7 reported earlier yesterday.
Read: Dubai Property Boom: New projects worth billions unveiled at Cityscape
The major announcements, once again, came from state-owned developers, however, property experts believe private sector will become active once the work starts on Expo 2020 venue site and all infrastructure plans are unveiled.
In its Q3 Dubai property market report, CBRE, a global real etsate consultancy, said positive market and economic fundamentals over the past 12 months has seen a growing number of developers moving ahead with stalled projects as well as the launch of multiple new schemes within a short time period.
The sales market, however, grew at a slower rate than in previous quarters with average sales prices increasing by around three per cent quarter-on-quarter, bringing the annual growth close to 23 per cent.
The best performing segment of the market during the quarter was found to be high-end apartments, a trend that was also visible in buying patterns with prime areas such as Dubai Marina and Palm Jumeirah seeing the majority of transaction activity, the consultancy said.
Meraas’ La Mer, Jumeirah
Meraas Holding, which is building theme parks and Bluewaters Island launched La Mer, a mixed-use development that will take shape in Jumeirah in the vicinity of Pearl Jumeirah Island.
Construction is set to commence in Q4 2014, the developer said, which is also building theme parks and Bluewaters Island.
La Mer will spread across 9.5 million square feet of existing and reclaimed land. It comprises four distinct zones - the beach, a leisure and entertainment hub, North Island, and South Island and feature commercial, leisure, residential and hospitality components.
“Our feasibility studies have confirmed that La Mer will be one on the projects which will positively contribute to Dubai's economy and set new global benchmarks for beachfront developments,” said Abdulla Al Habbai, Group Chairman, Meraas Holding.
On North Island and South Island, La Mer will include fully integrated residential neighbourhoods that will have 688 apartments and villas and a 160 key hotel.
Midtown by Deyaar
Deyaar Development, listed on Dubai Financial Market, unveiled Midtown by Deyaar - a 5.5 million square feet “upscale” master development adjacent to the southern end of Jumeirah Golf Estates.
“Midtown will continue Deyaar’s tradition of quality projects taking design-led luxury living to a new level in the region. This project will create a distinctive cultural ambiance that enriches the lifestyle of its occupants,” Saeed Al Qatami, Chief Executive, Deyaar, said.
Midtown by Deyaar will include a total of 27 buildings and will house two hotels on the northern and southern tips, along with 13 separate residential buildings on the east side of the development, and 12 buildings clustered into four groups.
While three buildings are joined into one group on the west side of the master plan, all the 27 buildings will share a one level podium covering retail, parking, and essential services.
Nakheel’s The Palm Gateway
Nakheel launched The Palm Gateway – a three-tower waterfront living and leisure complex with more than 1,300 homes, a beach club, retail, dining and health and fitness facilities.
The Palm Gateway comprises three individually - designed high-rise residential buildings – the tallest topping 260 metres – with one, two and three bedroom apartments, available for lease.
The trio of towers will be constructed on the existing Palm Monorail Gateway terminal, the roof of which will be transformed into a 15th floor podium with infinity pool, shops and sports facilities set in extensively landscaped grounds.
Palm Gateway will also have its own beach club and park – a shaded, landscaped complex with a diverse range of waterfront dining and shopping options, pool, barbecue areas and fitness facilities, including a jogging track.
Meydan’s District Eleven
Meydan Group announced two major new projects: Mohamed Bin Rashid Al Maktoum City District Eleven and Meydan Avenue, two mixed-use developments.
District Eleven is a suburban mixed-use community development featuring parks, private schools and retail businesses with two prime residential areas. The residential areas cover a total ground floor area of 450,000 square metres and 210,000 square metres, respectively.
One of the unique elements to District Eleven will be Kent College Canterbury – Meydan, a partnership between Meydan Group and one of the most respected educational institutes in the UK. The school will eventually accommodate up to 2,000 students; sport and recreational facilities will include football and rugby fields, cricket grounds and a running track.
Meydan Avenue, which was previously known as Diamond Business Park, will offer a blend of residential, commercial, retail and recreational
facilities enhanced by the sports and leisure attractions.
Completing the range of developments at Meydan Avenue will be the new Meydan Headquarters, a 17,500 square metres facility with 11,600
square metres available as leasable office space to local and international businesses.
Meydan Chairman, Saeed Humaid Al Tayer, said, "We are building desirable communities in Dubai which will become integral areas for living and working in the years to come. It’s an exciting time for us at Meydan as construction is underway on both of these major new projects and will soon be coming to life."
DP’s Maram Residence
Dubai Properties (DP) launched Maram Residence in Burj Khalifa district, a two-tower project.
“The project will cater to the increased demand for luxury residential and commercial property in strategic locations across Dubai, and we anticipate that its launch will further support the development of Dubai by catering to its growing population,” said Mohammed Alhabbai, Chief Officer for Urban Planning and Infrastructure at Dubai Properties Group.
The two 27 storey towers will have unit options including one-, two-, three- and four-bedroom apartments along with six exclusive penthouse suites.
Maram Residence will include a business lounge, an indoor children’s play area, an outdoor children’s play and pool area, a state of the art gym and fitness area, a jogging track, a sky Garden with seating areas and water features, and an infinity pool deck at roof level with a lounge for an ideal urban living experience.
Contract awarding process has begun, with the piling and enabling contract being awarded to NSCC Contracting Company.
Damac’s Paramount Hotel
Damac Properties and luxury hotel operator, Paramount Hotels & Resorts launched Paramount Hotel Dubai, Downtown. Housing 1,250 rooms and suites, the hotel will showcase timeless Hollywood elegance with Californian lifestyle and integrate elements of Paramount Pictures movies through high tech media mapping and digital signage.
Concept design of the project which will be developed on a plot located just off Sheikh Zayed road in the Downtown area is already underway with the hotel set to open its doors in 2018.
“The number of visitors to Dubai is set to double in the next six years and the Paramount Hotel Dubai, Downtown will support the growth with a high-end, theatrical and immersive experience for international tourists,” said Ziad El Chaar, Managing Director, Damac Properties.