Friday, September 06, 2013

Series of new project launches lined up for buoyant Dubai market

Several property developers in Dubai, the hottest global property market, according to Knight Frank report, are likely to launch several new projects over the coming months.

ETA Star Property Developers, one of the major private players, which form part of ETA-Ascon Group, will re-enter Dubai’s buoyant real estate market, with series of new launches across various master communities.

ETA Star Executive Director, Abid Junaid, revealed that the company has huge land bank in Dubai, and are planning to launch several projects. The company is hoped to make announcement on new projects soon, as the market at present is buoyant, and this is the right time to enter the market, as it is in recovery mode.

The developer plans to launch projects in master communities such as Jumeirah Village, Dubai Maritime City and Business Bay. The developer had not launched any fresh projects since economic slowdown hit the market.

Another private developer, Pacific Ventures, has acquired projects under the Dubai Land Department’s Tayseer initiative, and plans to launch a villa project. The project will be announced when the plans are finalized, said Parvez Khan, Chairman, Pacific Ventures.

Meanwhile, a new residential project, comprising 22-storey tower, is likely to come up next to Southridge, with average selling price maintained at Dh.1550 per square foot.

Deyaar Development CEO, Saeed Al Qatami, announced plans to launch two new projects in Business Bay master community by year-end. One project that is completely funded is worth Dh.500mn, while the cost of the other is in finalizing stage.

According to Global Property Guide, an organization that collates real estate data from across the world, has said that housing prices in Dubai grew at fastest pace in the world during the year to Q1 2013, in the list of 42 global cities surveyed by it.

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