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19 March 2024

New projects worth billions unveiled at Cityscape

Published
By Parag Deulgaonkar

The stage is set to make new project announcements in Dubai.

Developers have put in billions of dirhams into Dubai’s property market from early this year, but a wave of new projects, worth billions of dirhams, will be unveiled at the three-day Cityscape Global property exhibition, starting Sunday.

Union Properties, a Dubai Financial Market-listed developer, will unveil three projects worth Dh2.15 billion, with the major announcement being the launch of Dh1.1-billion The Vertex, a five-tower project, in MotorCity.

“We will be launching two towers of the five in The Vertex at Cityscape. The five towers will have 700 apartments in total,” Ahmad Khalaf Obaid Bin Touq Al Marri, General Manager, Union Properties, told Emirates 24|7.

“We always had plans to launch hi-rises in MotorCity, but the project was put on hold due to the global financial crisis. Now, we have decided to launch these towers. We are awaiting approvals from Dubai Municipality to start construction.”
 


The Vertex by Union Properties


Al Marri said The Vertex would take a little over four years (52 months) to be completed.

“Our focus is to develop MotorCity as a destination and we working on new projects that we will unveil over the time,” he disclosed.

Union Properties will also unveil phase 2 and 3 of Green Community, MotorCity, worth Dh400 million, and phase 3 of Green Community, Dubai Investment Park (DIP) valued at Dh650 million.


Phase 2 of Green Community, MotorCity

“We are developing the phase 2 and 3 of Green Community, MotorCity, for National Bonds, which bought the project from us, but the DIP remains with us. There is huge demand for villa/townhouses in Green Community and so we have introduced these products to cater to the demand,” Al Marri said.

Phase 2 and 3 of Green Community, MotorCity, comprises 74 and 78 villas, respectively, and 127 apartments. Phase 3 of Green Community, DIP, will have 210 villas, 22 duplex units and 16 apartments.

Omniyat



Sterling by Omniyat

Omniyat, a Dubai-based developer, will launch three projects worth Dh3.5 billion comprising Dh2-billion One at Palm Jumeirah, Dh600-million Anwa in Dubai Maritime City and Dh900-million The Sterling in Burj District.

“All three projects boast outstanding locations, as we believe that location holds the key in Dubai’s highly competitive real estate market, supported by innovation and quality,” said Mahdi Amjad, Executive Chairman, Omniyat Group.

“One at Palm is an ultra-luxury tower and is being developed in joint collaboration with Drake & Scull International. Besides, the location, we have also roped in Steve Leung to do the interiors,” Mohammed Hmeid Sales & Marketing Director, Omniyat, told this website.

Dubai Holding
 

 


Mall of the World by Dubai Holding


The subsidiaries of Dubai Holding — Dubai Properties and Tecom Investments — will reveal details of their new projects, with the parent company having recently announced launch of Dh25-billion Mall of the World that is set to become the largest temperature-controlled pedestrian city with mixed-use components in the world.

At Cityscape, Dubai Properties (DP) will launch Dubai Wharf, a Dh800-million project, in Culture Village.

The mixed-use project features four towers with 582 residential units, approximately 150 retail, dining and entertainment units on the ground and first floors and over 2,000 resident and visitor car parking spaces at basement level.

Pedestrian bridges over the canal offer full connectivity throughout all Culture Village developments, while three pedestrian accesses provide convenient seamless entry points to Dubai Wharf, retail facilities and the canal promenade. Tenants will also have exclusive access to residences.
 



Dubai Wharf


Dubai Wharf is located near Al Jaddaf Metro Station and is easily accessible from Al Khail Road/Business Bay Crossing and Al Jaddaf Road.

Indigo Properties



Indigo Zen

Indigo Properties will disclose details of Dh1.5 billion Indigo Zen, a villa development in Dubai Golf City, Dubailand, which will be offering residents tropical resort lifestyle.

“We plan to start construction in the 1st quarter of 2015 and plan to finish in 24-28 months,” Dev Maitra, Chief Executive Officer, Indigo Properties, said.

The development will consist of 346 villas in the range from 4,000 square feet to 10,000 square feet.

Meydan


Meydan Avenue by Meydan

Meydan, the developer of the world's biggest horse-racing complex, will be showcasing Meydan Avenue, where residents can enjoy a high street-style living with open spaces and natural parks.

Residents will have facilities including kindergartens, neighbourhood shopping centres and mosques, according to the project’s website.

Meydan Avenue aims to set new standards of living, with a wide choice of places in which to gather, explore and enjoy. This spectacular development will also offer residents and visitors unrivalled options for outdoor living, including open air shopping that is set to break new retail ground in Dubai,” the website adds.

Earlier this month, Investment Corporation of Dubai announced three projects valued at Dh10.5 billion, which comprises Dh5.5-billion the Royal Atlantis Resort on the Palm; Dh2.5-billion One Za’abeel project and Dh2.5-billion Warsan project.

Emirates 24|7
has reported developers have launched 42 developments, which includes 17 villa and townhouses projects, this year till end-August, consisting of 11,250 units.

(Read: Dubai Expo 2020 impact: 42 projects with 11,250 units launched this year to date)

280 exhibitors in Cityscape

Cityscape Global, which opens today, is expected to receive 35,000 participants from around the world with the exhibitor numbers reaching above 280 for the first time in five years.

The property show is co-located with three dedicated and expert-led conferences, the Global Real Estate Summit, Future Cities and the Real Estate Brokers Summit, which are expected to bring together more than 1,000 senior real estate professionals, according to organisers of the event.

Running in tandem with the exhibition is the Cityscape Awards for Emerging Market, which consists of 13 categories. Winners will be announced at September 22.