Monday, September 22, 2014

It’s raining mega projects in Cityscape Global Property Expo

The first day of the three-day Cityscape Global Property exhibition unveiled in Dubai yesterday, was a grand success, with series of new projects worth billions of dirhams having been unveiled.  Upbeat real estate developers in Dubai announced series of new launches – master developments and standalone projects, mainly targeting the upmarket segment.  Majority of these announcements came from state-owned developers, although property experts believe private sector will get active when the work starts on Expo 2020 venue site and when all infrastructure plans are unveiled. More new project announcements are yet to come.

Union Properties
Leading Dubai Financial Market-listed developer, Union Properties has announced three new projects worth Dh.2.15bn, among which, the launch of Dh.1.1bn ‘The Vertex’, a five-tower project in MotorCity.

The five-towers will have a total of 700 apartments, said Ahmad Khalaf Obaid bin Touq al Marri, General Manager, Union Properties. The construction will begin once the Dubai Municipality approves to begin construction.

Union Properties also plans to unveil phase 2 and 3 of Green Community in MotorCity and Dubai Investment Park, worth Dh.400million and Dh.650mn respectively. These phases comprise 74 and 78 villas, and 127 apartments. The phase 3 of Green Community, DIP will have 210 villas, 22 duplex units and 16 apartments.

The Dubai-based developer, Omniyat, has announced a Dh.3.5bn launch with Dh.2bn being allocated for One at Palm Jumeirah and Dh.600mn Anwa in Dubai Maritime City and Dh.900mn ‘The Sterling’ at Burj District. All three projects are in outstanding locations, which is the key in Dubai’s competitive real estate market, said the Chairman of the group.

Dubai Holding
The subsidiaries of Dubai Holding namely, Dubai Properties and Tecom Investments will unveil details of their new projects with parent company having announced Dh.25bn Mall of the World, due to be the largest temperature-controlled pedestrian city with mixed-use components in the world.

The developer will also launch Dubai Wharf, a Dh.800mn project in Culture Village. This mixed-use project features 582 housing units, 150 retail, dining and entertainment units on the ground and first floors and over 2000 resident and visitor car parking spaces at basement. There are pedestrian bridges over the canal with full connectivity throughout Cultural Village developments. The Dubai Wharf is easily accessible from Al Khail Road Business Bay crossing and Al Jaddaf Road.

Dubai Properties also launched Maram Residence in Burj Khalifa district, a two-tower project which caters to increased demand for luxury residential and commercial property in strategic locations across Dubai. The 27 storey towers will include single, double and triple bedroom apartments apart from six exclusive penthouse suites. The development will also include business lounge, indoor children’s play area, outdoor children’s play and pool area, state-of-the-art gym and fitness area, a jogging track, sky garden with seating areas and water features, infinity pool deck at roof level with lounge for an ideal urban lifestyle.

Indigo Properties
The Indigo Properties has revealed plans of Dh.1.5bn ‘Indigo Zen’, a villa development in Dubai Golf City, Dubailand, which offers residents a tropical resort lifestyle.

Construction will begin in the 1st quarter of 2015 and will be completed in 24 months. The development would comprise 346 villas in the range 4000sq. ft. to 10,000 sq.ft, said Dey Maitra, Chief Executive Officer, Indigo Properties.

Meydan, the developer of world’s biggest horse-racing complex, will showcase the ‘Meydan Avenue’, wherein residents get to enjoy a high street-style living with open spaces and natural parks.  The residents will have facilities including neighbourhood shopping centres, kindergartens, and mosques.

Meydan Avenue aims to establish new standards of living with wide choice of places to gather, explore and enjoy. This development offers residents and visitors unparalleled options for outdoor living, including open air shopping which will break new retail ground in Dubai.

Meydan Group also announced the Mohamed Bin Rashid Al Maktoum City District Eleven project, a suburban mixed-use community development that features private schools, parks, retail businesses with two prime residential areas. The residential areas cover a ground space of 450,000 sqm and 210,000 sqm respectively. Meydan Group will eventually accommodate up to 2000 students, sports and recreational facilities, including rugby fields, cricket grounds and a running track.

Investment Corporation of Dubai
Early this month, the investment corporation of Dubai announced three projects worth Dh.10.5bn, comprising Dh.5.5bn worth Royal Atlantis Resort on the palm, Dh.2.5bn ‘One Za’abeel’ project and Dh.2.5bn ‘Warsan’ project.

The developers have launched 42 developments including 17 villa and townhouse projects this year until end of August, comprising 11,250 units. The on-going Cityscape Global is expected to receive about 35,000 participants from around the world with exhibitor numbers reaching over 280 for the first time in five years.

The property show is co-located with three other dedicated and expert-led conferences, which are likely to include 1000 or more senior real estate professionals. Running in tandem with the exhibition is the Cityscape Awards for Emerging Market in 13 categories.

Meraas La Mer Jumeirah
Meraas is building a theme park and Bluewaters Island launched at La Mer, a mixed-use development which is likely to come up in Jumeirah and in the vicinity of Pearl Jumeirah Island.
Construction is due to commence in fourth quarter of 2014, the developer said, which is also building theme parks and Bluewater Island.

La Mer will spread across 9.5million square feet of existing and reclaimed land comprising four distinct zones – the beach, entertainment hub, leisure hub, North and South Island and feature leisure, commercial, residential and hospitality components. La Mer will include fully integrated residential neighbourhoods that will have 688 apartments and villas and a 160 key hotel.

The Deyaar development has unveiled ‘Midtown’ a 5.5million square feet upscale master development, adjacent to the southern end of Jumeirah Golf Estates. Deyaar will include 27 buildings, two hotels on the northern and southern tips, 13 separate residential buildings on the eastern side of the development and 12 buildings clustered into four groups. Three buildings are joined into one group on the west side of the master-plan and all the 27 buildings will share a one-level podium covering parking, retail and essential services.

Nakheel launched the ‘The Palm Gateway’, a three-tower waterfront living and leisure complex with more than 1300 homes, retail, a beach club, dining and health and fitness amenities.

The Palm Gateway comprises three individually designed high-rise residential buildings, the tallest topping 260m with single, double and triple bedroom apartments available for lease. The towers will be built on the existing Palm Monorail Gateway terminal, the roof of which, will be transformed into a 15th floor podium with infinity pool, sports facilities, shops set in huge landscaped grounds. The Palm Gateway will also have beach club and park, a shaded landscaped complex with a range of waterfront dining and shopping options, barbecue areas, pool, and fitness amenities, including jogging tracks.


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