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19 March 2024

Expo 2020 impact: No stopping Dubai property launches

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By Parag Deulgaonkar

The pace of price increases in Dubai’s property market may have slowed, but developers haven't scaled down plans for new launches.
 
Publicly traded companies to those in the private sector all are ready with new projects to launch, primarily, in the residential and serviced apartments segment.
 
In fact, in September alone, regional and international developers unveiled 27 projects worth Dh40 billion during a property expo in Dubai, which the UK-based Knight Frank has rated as the world’s hottest property market.

Read: Dubai's Cityscape: 27 projects, Dh40 billion

Listed on Dubai Financial Market, Union Properties is looking to launch a Dh430 million residential project, comprising 200 units, in MotorCity.

“We are waiting for permission from Dubai Municipality. We will be announcing the project once we get all the clearances,” company General Manager Ahmad Khalaf Obaid Bin Touq Al Marri told Emirates 24|7.

 “We intend to complete the project within 24 months,” he disclosed.
 
In September, the developer unveiled three projects worth Dh2.15 billion including Dh1.1 billion The Vertex, a five-tower project, in MotorCity; Phase 2 and 3 of Green Community, MotorCity, worth Dh400 million and the Dh650 million-worth phase 3 of Green Community, Dubai Investment Park.

Read: New projects worth billions unveiled at Cityscape
   
Sheffield Holding
 
The developer of 432-metre-high Marina 101 in Dubai Marina, Sheffield Holding Limited is planning to invest nearly Dh1.3 billion in two serviced apartment projects in the emirate.
 
“We will be investing Dh1.3 billion in developing two serviced apartment projects in Business Bay and Jumeirah Village Circle.

“Currently, we are in the process of acquiring lands for these projects,” Sheffield Holding Limited Chairman Abuali Shroff told Emirates 24|7.
 
The new projects are likely to be launched in the first quarter 2015, Shroff said, adding, “We will focus on the new project after handing over of Marina 101 by year-end.”
 
Radiant Star
 
Radiant Star Group of Companies, a real estate development company, will be unveiling two projects in Jumeirah Village Circle before year-end, company Managing Director Abid Junaid told the website.
 
“We have acquired the plots in Jumeirah Village Circle and our enabling work has commenced. We are expecting to complete these project in 18 to 24 months,” he revealed.
 
The first project in Jumeirah Village Circle will be a Dh450 million three-tower development housing 400 apartments, while the second one is a 13 townhouse project worth Dh35 million.
 
In September, Knight Frank said prices had slowed down, but compared to 53 other global cities property price were still increasing at the fastest pace in the world.
 
Dubai saw annual price growth of 24 per cent though it slipped from 27.7 per cent in the year to March 2014, the consultancy had said.
 
Read: Dubai remains world's hottest property market
  
Furthermore, Dubai has introduced service and maintenance charge index and is set to introduce the real estate investor protection law in order to bring in transparency and share information with the public and investors.