One of the leading master developers in Dubai property sector, the Dubai Properties Group (DPG), revealed that it would go ahead with all its mega projects that were delayed or stalled during the financial meltdown, thereby signalling the much-awaited, strong recovery of Dubai property sector.
DPG said that it plans to complete all projects that were announced by the company, as the market is witnessing re-emergence of investor confidence, while the vibrancy is being restored in the realty market in Dubai.
The Chief Executive of DPG, Khalid Al Malik, mentioned that a clear roadmap is in place to restart all projects that were earlier on hold.
Construction of some of the major mega projects by DPG had been delayed following steep fall in real estate values from its 2008 peaks, following the global credit crisis, which led banks to curtain their lending, and speculators left the market.
DPG has one of the largest fully integrated real estate and community development business developments in Dubai, comprising residential, commercial, staff accommodation, retail, and property management.
One of the major landmark destinations in DPG has drawn 20million or more visitors last year. This year, a 10percent growth in visitor traffic is expected to ‘Dubailand’ and ‘The Walk’ at Jumeirah Beach Residence, which is hailed as the region’s popular beachfront promenade. Today, these destinations are contributing immensely towards boosting tourism in Dubai.
Al Malik also said that all DPG’s destinations, including Business Bay and Bay Avenue continue to contribute to the success of Dubai, making it a top tourist destination, attracting record number of local and international visitors.
However, DPG will continue to support the growth of Dubai, with diverse and groundbreaking communities and destinations, he said.
Launched in 2005, Dubai Properties, with its innovative mixed-use master developments and destinations, has catered to diverse life-styles. Later, in 2008, the company diversified into real estate development and property services too, under the umbrella of Dubai Properties Group.