UAE on project launch spree ahead of Ramadan

UAE developers are on the launch track before the Holy month of Ramadan begins, Emirates 24|7 can reveal.

Major developers such as Emaar Properties, Dubai Properties Group, Nakheel, Aldar Properties have already announced new projects and sell out during their launches. Now, new entrants are venturing into the market, launching projects worth billions of dirhams, while existing players re-start “on hold” towers, driven by growing investors confidence.

Set to become a major player in the real estate arena, Arabtec Properties, a subsidiary of Arabtec Holding, is launching The Views Saraya in Abu Dhabi.

The residential development will comprise one 46-storey tower and another 41-storey tower with approximately a built up area of 90,000 square meters, Arabtec Construction website states.

The project encompasses high-end residential complexes, lush gardens, parks and leisure facilities.

An agent’s preview was held on May 9 ahead of the public launch, real estate agents told Emirates 24|7.

During Cityscape Abu Dhabi, the developer had showcased five properties – three in Abu Dhabi and two in Dubai - worth Dh14 billion in value.

Ramadan is likely to begin by this month-end.

Monte Carlo Residences

A new entrant in the market, Porto Fino Real Estate Development, is set to launch Monte Carlo Residences in Jumeirah Village Circle.

Monte Carlo Residences in Jumeirah Village Circle

The French Riveria boutique project will comprises one, two and three-bedroom apartments. SPF Realty, the sales and marketing partner for the project, has put the sale price at Dh935 per square feet.

“Construction will start this month with the residential project set for completion in September 2015,” Anirudh V Naduvath, Marcom Head, SPF Realty, told this website.

“The total construction cost of the French Riveria boutique project, which comprises one, two and three-bedroom apartments, is nearly Dh75 million,” he added.

Design Lab Engineering Consultants is the architect of the project, while Al Kaitoob Building Contracting has been appointed the contractor.

Work restarts on towers in JLT

Two developers, meanwhile, have re-launched their projects in Jumeirah Lakes Tower (JLT) master development.

Corporate Tower in Jumeirah Lakes Tower

HABN Real Estate Development has recommenced work on Wind Tower I and II in JLT.

“Work has started on the Wind Towers and we are aiming to complete the towers by August 2016,” Al Sayed Abu Hamza Alawi Al Hayashi, Chief Executive Officer, HABN Real Estate Development, told Emirates 24|7.

Wind Towers were launched in 2005, but were put on the backburner hit by the global financial crisis. HABN bought the towers under Dubai Land Department’s (DLD) Tanmia initiative in 2012.

Tanmia aims at reviving the construction of stalled projects by selling incomplete projects to financially strong companies and developers without compromising the rights of buyers.

Another private developer, Sheffield Holding Limited, has also re-started work on Corporate Tower in JLT.

“We have commenced work on Corporate Tower. We have secured funds and expect to complete the project by end of 2016,” Sheffield Holding Limited Chairman Abuali Shroff told this website.

The tower was launched in 2008, but was stalled a year later following the global financial crisis.

Corporate Tower comprises a 45-storey tower and a 10-storey twin tower, with a built up area of 330,000 square metres.

Azizi Yasamine

Azizi Developments, who recently put notices of a series of project cancellations, has re-launched Azizi Yasamine in Al Furjan.

“Construction has started with completion set for December 2015,” the developer has said.

Standard and Poor’s, a global ratings agency, said in May that residential property prices in Dubai were almost reaching 2008 peak levels, with the market not likely to see any major price correction in the short term.

(Read: Dubai property prices almost near 2008 peak levels: S&P)

The analyst also believed that new real estate projects would be completed even if prices weaken, as state-owned developers were selling their project at high margins good enough to fund the completion of entire development.

(Read: All new Dubai real estate projects will be completed: S&P)

Last week, Knight Frank's Global House Price Index revealed Dubai had witnessed the steepest house price growth globally over the past year despite government cooling measures, which includes doubling of property registration fees and a new UAE mortgage cap.

House prices rose 27.7 per cent over the 12 months to March 2014, the fastest pace among the 54 countries tracked by the index. Prices, however, climbed mere 3.4 per cent in the first quarter 2014, slower than the 9.2 per cent growth registered during the same period last year.

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