UAE property boom: Developers launch new projects worth billions
UAE developers continued to launch new projects, worth billions of dirhams, on day one of Cityscape Global, expecting global investors to be attracted to the emirate due to its safe-haven status and ‘affordable’ prices compared with London, New York and Hong Kong.
A reported issued by CBRE, a global property consultancy, said property prices in Dubai are nearly two times cheaper than London, stating average prices for the top-of-the-end market in Dubai being US$1,300 per square foot (psf) compared with $3,000 psf in London.
In fact, a number of developers said lower oil prices and global stock market crash has not deterred new launches with many planning more projects by year-end or early 2016.
The following major announcements were made on Tuesday.
Nakheel unveils Jebel Ali Gardens
Dubai-based Nakheel unveiled Jebel Ali Gardens, a new development that will accommodate over 40,000 people.
Set on a 5.5 million square foot area, with a built-up area of over 19 million sqft, the project will comprise 10,000 apartments in 42 buildings.
Jebel Ali Gardens
“It is designed for people who want quality, affordable accommodation and convenient community facilities,” the company said in a statement.
“The project is one of a growing number of developments in our residential and retail leasing portfolio, a key focus of the company’s business strategy,” it added.
Jebel Ali Gardens will include over 1.1m sqft of green, landscaped parks, a two kilometre jogging track, swimming pools, football fields and tennis and basketball courts.
The Villages in Dubai South
Dubai South unveiled its The Villages project, with development of the first village beginning early 2016 and scheduled completion in 2019.
Each Village at Dubai South will have an inspiring community environment, featuring smartly designed residences, including buildings of up to G+8 containing bedroom apartments, studios, lofts, as well as villas and townhouses.
The residential component of each village will have K-12 school, a civic center, a health and wellness complex, high street and retail outlets.
Al Zorah unveils two projects
Al Zorah Development Company, a joint partnership between the government of Ajman and Solidere International, launched two new communities with a development value of Dh1.5 billion within its 5.4 m sqm Al Zorah master development.
The Golf Estates gated community consists of 800 villas, townhouses and apartments set on the 18-hole Nicklaus Design Golf Course within The Fairways district, while the Al Zorah Beach Residences comprises 134 chalet-style villas and apartments in The Shores district.
Al Zorah Beach Residences
The initial phase of the development includes an 18-hole Nicklaus Design golf course and clubhouse, which are set to open in December 2015 followed by 42 Golf villas by mid-2016. First of the four marinas and the 5-star Oberoi Al Zorah Resort will open by early-2016.
Construction on both the projects will commence early next year with the former scheduled for completion in 36 months and the latter in 24 months.
Tanmiyat Global unveils Skyline Towers
Tanmiyat Global and Delta International Real Estate has announced the launch of The Skyline Towers – a twin tower project in Dubailand.
Spanning 34 floors, the towers will covering more than one million square feet and include 750 residential and hotel apartments. An additional eight floors will form the base of the two towers, consisting the Legends Mall and parking.
The Skyline Towers
The project, set for completion in 2018, will be connected to the Legends Mall, which houses 158 stores and is expected to be completed by end-2016.
DIC Dh500m project on Al Marjan
Diamonds International Corporation (DIC) launched a development featuring a 5-star hotel, branded residential apartments and 40 water villas on Al Marjan Island in Ras Al Khaimah.
Valued at Dh500 million, the new development is currently in the design and planning phase. It will have 340 branded residential units, while the 5-star hotel will have 300 rooms and suites.
Construction is slated to begin in early 2016 and will be completed in three years.
Bloom’s new hotel in Abu Dhabi Marina
Bloom Hospitality, a Bloom Holding subsidiary, has announced development of a five-star hotel project within the Abu Dhabi Marina mixed-use cluster.
Set to open in the third quarter of 2016, the 200-key and 57 serviced apartment hospitality project will be operated under the Edition hotel brand – a boutique hotel venture by American hotelier and real estate developer Ian Schrager in partnership with Marriott International.
Construction is 70 per cent complete, and the project handover is set for third quarter of 2016. The project has been awarded a 2 Pearl Rating by Abu Dhabi’s Estidama Pearl Building Rating System.
Dh1bn Viridian at The Fields launched
SPF Realty, a real estate broker in the UAE’s freehold property sector, unveiled Viridian, the second project by G&Co in The Fields development in Mohammed Bin Rashid Al Maktoum City (District 11).
Viridian at The Fields
The second phase of the residential community, Jade at the Fields being the first phase, will to be developed at an estimated value of Dh1bn.
The community will comprise 326 townhouses of contemporary style.
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