Thursday, December 11, 2014

Five new projects worth Dh 3bn launched in single day

Five new projects worth Dh.3billion have been launched in the UAE in a single day, which indicates the growing confidence of the industry and investors in the real estate market in the country.

About four projects have been launched in Dubai, while one has been unveiled in Fujairah.  A Dubai developer, Omniyat Group, has begun work on Dh.600million ‘Anwa’, its first project in Dubai Maritime City with the company Chairman planning to double its investment portfolio to Dh.24billion from Dh.12billion in the next five years.

The Executive Chairman of Omniyat Group, Mahdi Amjad, said that real estate is a long-term investment and Dubai has proved time and again that its fundamentals are strong. The real estate market is also mature and over the past 10 to 15 years, the market has seen various cycles, which has further matured the market.

However, Amjad ruled out any oversupply in the market and said there is likely to be a sustainable growth rather than large jumps.

Omniyat has appointed Kele Contracting as the contractor for Anwa, the 48-storey tower, which is fully funded. The company does not plan to launch any project unless they had 70 to 80 percent finance in place.

The off-plan sale commences from Wednesday, with prices starting at Dh.1800 per square feet, and the project is due for completion by 2017.

One of the largest conglomerates in Dubai, namely, the Al Habtoor Group, has announced three new projects worth more than Dh.2billion. Work is underway for three developments – Dh.993 million worth Habtoor Polo Resort and Club, and Dh.1.02billion for the Metropolitan Sheikh Zayed Road and the Oasis Villas.

The Al Habtoor Club will include a five-star hotel with nearly 136 rooms and 162 luxury bungalows, all due for completion by 2017. Further, it will include a polo club, state-of-the-art polo academy, a riding school with 500 stables.

The six million square foot development, designed by British architects WS Atkins and Partners is located adjacent to Emirates Road and the Dubai-Al Ain Road, and in close proximity to Zayed University.

The Metropolitan Sheikh Zayed Road, a four-star boutique hotel, is due for completion in 2016, and it will have total of 334 rooms and suites. The hotel has been designed by Khatib & Alami, and will house the “Red Lion traditional English pub”.

The Oasis Villas is a residential development adjacent to the Metropolitan Sheikh Zayed Road, and will comprise 74 villas, due for completion in 2016. In total, the Al Habtoor investments in the UAE have exceeded Dh.15bn over the past two years.

Meanwhile, Al Taif Investment has launched a Dh.400mn Business Centre project in Fujairah. The project comprises two towers including 19-level office tower and a 19-level Courtyard by Marriott hotel including 228 rooms and apartment units. The developer plans to complete the project in three years’ time.

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