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29 March 2024

Real estate boom: 19 towers to come up in Dubai Maritime City

Published
By Parag Deulgaonkar

At least 19 towers in Dubai Maritime City will be completed by 2019, with the 2.27 million square meter master development housing 53 mixed-use towers when completed, a top government official has revealed.

“The master development remains the same size as launched earlier, but what we have done is that we have ‘right sized’ certain plots since the air corridor changed, limiting the height of the towers, and for investors who decided they didn’t want to pay to best suit their budgets,” Khamis J Buamim, Chairman, Drydocks World and Maritime World, told Emirates 24/7.

He ruled out price correction in the Dubai real estate market, saying, “The market is good… global market indicators are positive and they will certainly have a positive impact on the market here. I see no potential drop.”

Drydocks chief said infrastructure development for phase B of Dubai Maritime City has reached a very advanced stage, which will be housing 19 towers with developers of 11 towers either have secured or in process of securing approvals.

“We believe that completing the infrastructure for phase B was critical and that why some of our investors are positive and are going to start their projects. We believe each of the towers would cost between Dh400 million to Dh700 million and that gives a scale of what Dubai Maritime City can become.”

The launch of these 11 projects is expected by first quarter of 2015, with the announcements being made by respective developers.

Buamim said the 19 towers will be completed between 2017 and 2019.

On Tuesday, Omniyat Properties, a Dubai-based developer, broke ground on its Dh600 million “Anwa by Omniyat”, thus becoming the first private developer to commence construction in Dubai Maritime City.

When asked if developers had given any guarantee to them on complete projects, Buamim said: “We have a contract with developers which is binding… they have paid therefore any delay in project launch it has to do with how individual developers view the market.”

He did not give any timeframe on when the entire DMC master development will be completed.

Emirates 24/7 reported earlier that buoyed by Dubai's being the host city for Expo 2020, developers launched 42 developments, which includes 17 villa and townhouses projects, this year till end-August.

In October, Emaar Properties, Dubai’s largest developer, and Dubai Holding, an investment company, launched Dubai Creek Harbour at the Lagoons, a 6 million square meter master development, which will be housing 39,000 residential units and 22 hotels with 4,400 keys.

HSBC Global Research has already indicated that Dubai could “fairly easily” absorb new supply even if the population grows less than 5 per cent per year.