The summer lull in Dubai’s real estate market isn’t stopping developers from launching new projects and starting work on their developments .
Among the latest projects to be unveiled during Ramadan is the Dh1 billion ‘Jade at The Fields’ in Mohammed Bin Rashid Al Maktoum (MBR) City - District 11 by G&Co, a UAE-based developer.
“There is high demand for a project with all the right elements such as small ticket sizes, low prices per square feet and a payment plan with 50 per cent payable after handover in three years,” Kalpesh Sampat, Director, SPF Realty, the project’s exclusive sales agent, told Emirates 24|7.
“The project will break ground in the first half of next year with completion planned in the third quarter of 2018,” Sampat said.
The project will consist of 360 three- and four-bed townhouses, with a starting price of Dh2.26 million.
The developer has previously launched Dh1.5 billion Millennium Estates, Dh2.7 billion Grand Views at Millennium Estates and Dh2.8 billion Millennium Square.
District 11, launched by Meydan Group in 2014, is located adjacent to the urban corridor of Sheikh Mohammed Bin Zayed Road (E311) and Al Ain Road (E66).
The master development includes development of 1,500 four-bedroom semi-detached villas for Emirates airline pilots.
Emirates 24|7 reported in September 2014 that Apex Real Estate Development will be launching The Royal Gardens, thus becoming the first Chinese real estate developer to enter the emirate.
DIFC office tower
Dubai International Financial Centre (DIFC) announced the launch of its 11th office building in the Gate District.
“With all our buildings at the DIFC Gate District fully occupied at present, the new development will ensure that we continue to meet the demand for best-in-class office spaces in the financial district in the next exciting phase of growth,” Governor Essa Kazim said in a statement.
With a total investment of Dh205 million, Gate Village Building 11 will have a total built-up area of 200,000 square feet. It is scheduled for completion by Q2 2017.
Damac Properties, Dubai-bourse listed company, has also unveiled its new project being developed in partnership with Paramount Hotels & Resorts.
Paramount Residences at the Paramount Tower Hotel & Residences is a 64-storey tower on Sheikh Zayed Road, housing 826 hotel and hotel residences. It will have a sky lobby, a private Paramount Pictures screening room and a rooftop infinity swimming pool. No value of the project was given.
Construction work on project is already underway, with completion scheduled for third quarter 2019. Prices for the hotel residences, which will be located on the 36-64th floors, will start at Dh1,800 per square feet, the company said.
Deira Islands contract
In June-end, Nakheel, the developer of Palm Jumeirah, awarded the contract for building of 23.5 kilometres of coastline and breakwaters at Deira Islands, a new, 15.3 square kilometre waterfront city. It signed a Dh387 million contract with Van Oord Middle East Limited Dubai Branch, the company said.
Van Oord has previously dredged and worked on Palm Jumeirah and The World, which added 300km to Dubai’s coastline. Deira Islands will add another 40km, including 21km of beachfront.
This website reported that nine projects were announced in the UAE in May 2015 with the majority of the new launches this year taking place in Dubai (78 projects launched in 2014) followed by Abu Dhabi and Northern Emirates, mainly Sharjah, which has now relaxed the real estate ownership rules.
UK-based Knight Frank has said earlier that international buyers are increasingly drawn to cities such as Dubai and Monaco that they perceive to be sheltered from wider economic issues, simply to say 'safe haven status'.
However, Standard & Poor’s (S&P), a global ratings agency, has said property prices in Dubai’s residential housing market are expected to fall by 10 to 20 per cent this year but the decline has been ruled out the crisis to be as severe as 2009, stating the UAE economy is now diversified, demographics are supportive, positive geopolitical developments and all the market participants have learned from the past.