Dubai real estate firm Deyaar is to launch two new projects this year and start sales on another major development. Chief executive Saeed Al Qatami said that one of the new projects would be an AED500 million residential development in the emirate’s Business Bay district, which it was in the process of securing bank financing for.
Al Qatami did not give any details of the second project, but said that the developer currently had a land bank of approximately a million square feet in Business Bay and it also looking at resuming work on some of its projects that were halted during Dubai’s 2008 real estate crash.
‘There were a number of projects put on hold after the crisis and now we’re going to start bringing those projects back,’ he said, without specifying which projects.
Deyaar, the second largest property firm on the Dubai Financial Market, will also launch sales of its Central Park residential project in Dubai International Finance Centre after summer. The development is a joint venture with Dubai Properties Group and will contain more than 420 apartments.
Emaar, the emirate’s biggest listed developer, has launched several major new projects already in 2013. The company is also one the master developers behind Mohammed Bin Rashid City, a huge mixed use project that will contain the world’s largest shopping mall and more than 100 hotels.
Emaar Properties will form a joint venture with conglomerate Dubai Holding to build a 6.5 million square metre urban district to be called Dubai Creek Harbour which will include a business district, shopping, sporting and entertainment facilities.
Emaar has also formed a joint venture with Meraas Holding to build a residential and commercial area near the city's downtown area. The Hills which will include a hotel and serviced apartments, will have views of Emirates Golf Club and a focus on a greener lifestyle through several energy and water efficiency initiatives.
It will have two residential buildings of 12 and 15 storeys, each featuring one, two and three bedroom apartments. ‘The Hills will be defined by world class amenities and several swimming pools, a value addition that enhances the quality of life of residents seeking a leisurely lifestyle,’ Emaar said in a statement.
‘With The Hills we are broadening our Emirates Living portfolio, offering residences that are distinguished by their sustainability features and their impressive golf course views. The Hills will define a new, relaxing lifestyle for residents, who can also access all lifestyle amenities in close proximity,’ said Ahmad Al Matrooshi, managing director of Emaar Properties.
‘The launch of The Hills also highlights the robust demand for world class residential property in Dubai, with demand from investors around the world,’ he added.