Developers in Dubai announce a rash of new projects
In yet another sign that the property market in Dubai is recovering, developer Nakheel has announced it will build 170 new apartments on its flagship Palm Jumeirah project.
Work on the new development, called Azure Residences on the eastern shoreline at the base of the Palm’s trunk, is expected to begin in the middle of 2013 and be completed within two years.
The government owned developer said in a statement that the beach front project will feature 140 one bedroom apartments priced at AED2.3 million and 30 two bedroom units priced at AED4.2 million.
It is also building 33 studio apartments as part of a new project called Club Vista Mare, also on the Palm Jumeirah and this project is already sold out.
Meanwhile, Emaar Properties is launching a new property in Downtown Dubai which will include 532 serviced apartments and a 180 room luxury hotel in a 50 storey development designed by the architects of Burj Khalifa, Skidmore, Owings & Merrill.
‘The Address Residence Sky View will be another impressive, iconic structure to the Dubai skyline, offering unparalleled views of Downtown Dubai and beyond. The project builds on the growth of the property market and tourism sectors of Dubai, offering investors a premium choice of home in the most prestigious square kilometre on earth,’ said Mohamed Alabbar, chairman of Emaar Properties.
‘It will become the referral point for all future projects from design and architecture to its host of services, while focusing on creating prime real estate assets in Dubai that contribute to the city's economy,’ he added.
It will be linked directly to the Dubai Metro and The Dubai Mall via an air-conditioned travelator and spanning the tower complex will be what is described as an unique 'Sky Bridge', which includes a signature restaurant, ballroom, infinity pool with amenity deck, and 360 degree views Downtown Dubai and panoramic views of the Gulf.
Emaar added that the launch is a result of strong investor confidence in Dubai's property market and surging demand for premium residences and hotels in central locations.
Emaar Properties has announced several key new project launches in recent months in Downtown Dubai and Arabian Ranches, its established master planned communities.
Emaar is also developing the first residential community in the newly launched Mohammed Bin Rashid City, the largest of its kind real estate development in the region, along with Dubai Holding.