Dubai’s real estate landscape is set for a makeover with local developers gearing up to launch new projects.
Last year’s Cityscape Global was a low-key affair on the project-launch front as only government-backed developers decided to make a few project announcements. However, this time around private developers are back with a bang.
Launching projects at the three-day property expo, which opens today (October 8), provides developers a global platform to generate investor interest.
Property prices in Dubai have risen over 20 per cent year-on-year.
Experts have ruled out a property bubble in making, emphasising strong and solid economic fundamentals of the UAE, the emirate’s safe haven status and its likely win to host the World Expo 2020 in Dubai.
Meydan, Sobha and District One
Taking centrestage will be Meydan Group, which will launch a 100-storey plus tower on Sheikh Zayed Road.
The developer, along with the Sobha Group, its Indian partner, will share updates on its Dh21-billion Mohammed Bin Rashid City District One, which houses the world’s largest manmade lagoon.
World’s largest M-shaped tower
MAG Group will use the platform to launch the world’s biggest M-shape residential building in Dubai Marina, termed the “tallest block in the world” by EC Harris, a UK-based global asset consultancy.
MAG222 will be a 51-storey tower in Dubai Marina, which the developer claims will be the biggest ‘M-shaped’ residential building in the world and will house 550 one- to four-bedroom apartments and eight duplex penthouses.
The second launch will be MAG220, a Dh400-million luxury residential building in Business Bay.
The company is also developing a Dh2-billion project in Meydan, comprising residential townhouses and low-rise apartment buildings.
Pacific Village in Dubailand
Pacific Ventures Limited will launch a new residential project, comprising villas, town houses and apartments, in Dubailand.
Called Pacific Village, the project will include 65 residential villas, 102 four-bedroom townhouses and a number of two bedroom apartments. The village is set for completion in 2019.
DPG new projects
Dubai Properties Group, a member of Dubai Holding, will be revealing new developments in its Jumeirah Beach Residence and Business Bay developments.
Company Group CEO Khalid Al Malik, said: “Dubai is experiencing positive growth across many sectors including real estate, and we have chosen Cityscape as a platform to launch a number of significant projects at our destinations and districts that will further support Dubai’s development whilst providing strong investment opportunities.”
RAK Properties towers
RAK Properties, Ras Al Khaimah’s biggest property developer, will be unveiling two new projects worth nearly Dh400 million.
“We will be showcasing a wide portfolio of projects during Cityscape Global this year.
“This will be our strongest participation to date focused on promoting our completed projects as well as announcing our new residential investments for those looking for ideal luxurious stays in the emirate of Ras Al Khaimah,” said Mohamed Sultan Al Qadi, Chief Executive Officer, RAK Properties.
Source : emirates247