UAE developers roll out new projects ahead of Ramadan

A number of new real estate projects are being rolled out across the UAE ahead of Ramadan, which is likely to start from June 18.

In May alone, seven to nine projects were announced in the UAE. Emaar Properties, Dubai’s largest developer, continues to launch luxury towers in Downtown Dubai, while MAG Property Development, a private developer, launched a middle-income housing project through a joint venture. (Scroll below to read)

Majority of the new launches this year have taken place in Dubai (78 projects launched in 2014) followed by Abu Dhabi and Northern Emirates mainly Sharjah, which has now relaxed the real estate ownership rules.

UK-based Knight Frank has said earlier that international buyers are increasingly drawn to cities such as Dubai and Monaco that they perceive to be sheltered from wider economic issues, simply to say “safe haven status”.

Ras Al Khaimah

The latest to join the launch bandwagon is RAK Properties, a developer listed on the Abu Dhabi Stock Exchange. It has announced the second phase of the Flamingo Villas, part of the Dh10-billion Mina Al Arab development in Ras Al Khaimah.

The second phase comprises 57 units, ranging from two to three bedrooms, with handover for the first phase staring from year-end.

“By the end of this year we hope to hand over the keys to the owners of villas from the first phase, and today we are launching the second phase of the project,” said company CEO Mohammed Sultan Al Qadi.

No details were given on the prices or completion date.

Dubai

Dubai Properties, the real estate arm of Dubai Holdings, has launched a new residential tower in its Dh800 million Dubai Wharf, a mixed-use development, coming up in Culture Village master development.

The building is part of a four-tower mid-rise development, comprising 200 units.

Road networks, internal bridges and electricity substations in the master development are complete, the company said, adding work on sewage, irrigation, storm water and potable water will be completed by end of June.

The Dubai Wharf project, unveiled in September 2014, will house 582 residential units and 150 retail, dining and entertainment units.

Real estate agents told this website that the prices for units will start from Dh900,000 onwards, with the handover from first quarter 2017. Buyers will have to pay 10 per cent for booking, 10 per cent every six months and 60 per cent on handover.

Ajman

Gulf Asia Contracting, part of RP Group, said it was working on 19 towers with contract value of Dh1.78 billion in Ajman.

The contracts include mid- to high-rise residential projects such as the City Towers complex (nine towers), Ajman Corniche Residences (seven towers), Yasmeen Tower and Oasis Towers (two towers).

“We are currently working with the Ajman Real Estate Investment Company to construct several residential landmark projects,” company General Manager Vinod Pillai said.

Read: Dubai's Emaar to launch hi-rise tower in Downtown Opera District

Read: Live next to Dubai Expo: Developer to sell units from Dh380,000
 

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