Monday, November 24, 2014

UAE developers begin work on Cityscape projects

Rather than just announcing projects at realty expos, the UAE developers' are now keen on working on these projects at the earliest.
Union Properties, a leading Dubai-based developer will begin work on phase 3 of Green Community at Dubai Investments Park (DIP) by January 2015 and will complete by June 2017.
The Phase 3 of Green Community will include 210 residential villas and 22 duplex apartments. The tender for the main construction will be issued during the month, the spokesperson said.
The project has been designed by Dewan Architects and Engineers, a Dubai-based firm.
The Union Properties has launched three projects worth Dh.2billion, including launch of Dh.1.1bn ‘The Vertex’, a five-tower project in MotorCity, Dubailand. Work on this project will begin next year.
Meanwhile, the Tourism Development and Investment Company (TDIC) will begin work on Mamsha Al Saadiyat, a 1.4km beachfront mixed-use project, located in Saadiyat Cultural District by the year-end. The tender for main construction work will be issued by the year-end and the first phase of the project would be ready by 2017, a spokesperson said.
The project comprises 414 apartments, 47 townhouses to be built in two phases, although details of completion of these were not given. The development will feature nine low-rise residential buildings in five clusters, each about 250m long.
A consultancy firm, EC Harris, in August, said that the value of announced and planned construction projects in the UAE is likely to hit Dh.1.2trillion in 2014.
Driven by several mega projects and growing social infrastructure spend, the construction market in the emirate will return to near full capacity soon, the consultancy said.
Ventures Middle East, in its latest report said that projects worth $128.46billin are likely to be completed across the GCC by the year-end.

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