Emboldened by the success of its Panorama project in the Greens area, Emaar Properties is poised to announce its second development this year - a townhouse project in upscale Arabian Ranches community, Emirates 24|7 has learnt.
The project will have two and three-bed townhouses, with the likelihood of the current owners of Arabian Ranches being given the first option to buy these properties, market sources said.
Emaar had not yet responded to questions at the time of publication of this article.
Data from propertyfinder.ae reveals that the average price of townhouses in Al Reem cluster is Dh2.28 million with average price per square feet being Dh807, while the average price for Alma Townhouses is Dh2.59 million and per square feet is Dh935.
Real estate agents say that although there is good demand for villas/townhouses in Arabian Ranches, Emaar needs to price the product properly, within the Dh1,000 to Dh1,200 per square feet bracket.
In March, the website reported that Emaar was selling the 18 Golf Homes, or luxury villas, located in the Arabian Ranches Golf Course for between Dh7.3 million and Dh11 million.
The Dubai-listed developer was asking for full payment to be made in six months with the buyers having to give a Dh100,000 bank guarantee, which was to be returned after the buyer completes the villa fit-out. The time for completing the fit-out is 24 months.
In April, Better Homes said villas in Arabian Ranches had seen an appreciation of 15 per cent in the past one year.
“Prices have appreciated by 15 per cent in the Ranches. A five-bedroom villa that was selling at Dh4 million is now going for Dh4.5-4.7 million.
“There has also been a 15 per cent increase in the townhouse segment of the Ranches,” Rene D’Souza, Senior Residential Consultant, Green Community Office, Better Homes had said.
Earlier this year, Asteco, Dubai-based real estate consultancy, said property prices have stabilised with certain villa communities such as Palm Jumeirah, Arabian Ranches and Springs already witnessing price hikes of up to nine per cent.
The Arabian Ranches Golf Course, spread over 247 acres comprising 120 acres of grass land and desert vegetation, is part of the Arabian Ranches Golf Club The 18-hole, par 72-signature course was designed by Ian Baker-Finch in association with Nicklaus Design.
The development houses more than 4,000 addresses comprising one-storey and two-storey single-family homes.
Among the clusters are:
- Al Reem is a two and three-bedroom attached villas (townhouses) in varying sizes of 1,690 square feet to 3,155 square feet.
- Alma Townhomes is a Spanish influenced single-family attached villas (townhomes) with units ranging between 2,436 square feet and 3,153 square feet.
- The Hattan villas are detached villas of 5,443 square feet to 7,230 square feet comprising two-storeys, four- to five bedroom.
- Mirador la Coleccion villas are detached villas of size 3,458 square feet to 6,911 square feet of four to seven bedroom.
- Palmera homes are 1,889 square feet to 2,936 square feet of two to three bedroom villas.
- La Avenida is a cluster 17 detached villas with Spanish & Portuguese style is centrally located between the Arabian Ranches Golf Course and the Arabian Ranches Lake.