New project to 'crystalise' Dubai Marina horizon

Al Fattan Properties will soon unveil details of Crystal Towers

A Dubai-based developer is all set to launch a glitzy twin-tower project in Dubai Marina, Emirates 24/7 can reveal.

A billboard of Crystal Towers, a mixed-use project, has been put up at the site.

No construction has, however, started. It is not known when sales and construction will start.

Al Fattan Properties, the developer of the project, told this website that it would be unveiling the project details soon.

According to the company website, Al Fattan was established in 1974 and is guided by Major General Musabbeh Rashid Al Fattan.

The company’s properties include Lake Villas, Al Wasl Villas, Al Safa Villas, Al Fattan Apartment Building, Office and Shop Properties at Al Fattan Plaza, warehouses in Ramool, Oasis Beach Hotel and Al Fattan Marine Towers in Dubai Marina.

Nakheel is the only master developer that has announced plans to launch two projects on Palm Jumeirah. Sales of the Palm Residences will commence this month, it said earlier.

Experts say that despite the Dubai Land Department selling a large number of land plots last year, it is unlikely that developers will be announcing new projects.

Quoting Reidin.com, this website reported last year that Dubai Marina had witnessed 800 transactions, valued at Dh903 million, during the first nine months of 2011, thus topping the list of freehold communities on transaction basis.

In addition, Propertyfinder.ae found Dubai Marina to top the chart of most searched location on their website.

Dubai Marina district also houses the three tallest residential towers in the world: the 414-metre Princess Tower, 395-metre 23 Marina and 381-metre Elite Residence.

Jones Lang LaSalle (JLL), a global real estate consultancy, said in January that the Dubai residential market was witnessing signs of selective stability and a broader market recovery was expected in 2013.

“The residential market is close to bottom while prices are increasing in certain areas. We will see some recovery by end of the year, but the market sector as a whole will recover next year,” Craig Plumb, Head of Research, Jones Lang LaSalle Mena, had said.

A recent report by Knight Frank also revealed that house prices in Dubai jumped by an average 2.3 per cent in the final three months of 2011, reflecting a recovery in the market.

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