Cityscape Global sees brisk sales

dubai - Developers conclude sale deals on the back of some irresistible promotion offers

Cityscape Global, the most spectacular realty showcase of the Middle East, continued to draw buyers and investors in their hundreds during a bustling second day on Tuesday as developers unveiled around 40 new projects, including some mega development marvels that are valued close to Dh30 billion.

Day two also saw some developers either concluding or negotiating sale deals on the back of some irresistible promotion offers and flexible payment plans. While organisers could not give a figure for the total value of sales during two days, a rough estimate by a major realty player, who does not want to be identified, shows that it could run into scores of millions.

A spokesman of the organiser said the first two days had witnessed the official launch or announcements of around 40 new projects. "We anticipate more projects to be unveiled on the final day when we expect most of the spot sale deals would get inked."

P.N.C. Menon, chairman of Sobha Developers, said it was two days of stunningly rewarding experience for his sales team at Cityscape. "We are really excited about the response from buyers, most of them end-users, for our Dh15 billion Sobha Hartland project at the Sheikh Mohammed Bin Rashid Al Maktoum City. What I can tell you now is that there is, doubtlessly, a new-found buoyancy in the market."

Most prominent among some of the large-scale projects unveiled on Tuesday was Dubai South's announcement of Dh7b billion investment ahead of Expo 2020.

Khalifa Al Zaffin, executive chairman, Dubai Aviation City Corporation and Dubai South, said the master developer would make half of those investments while private investors will deploy the remaining half.

Other new projects that captured the imagination of visitors on their debut include Josef Kleindienst's Dh2.5 billion Floating Venice, the world's first underwater luxury vessel resort that will be located off Dubai's coastline.

Kleindienst, the developer of the Floating Seahorse villas, said the new underwater wonder would be located in The World islands, 4km offshore from Dubai and will bring an authentic Venetian experience to the Middle East.

Other iconic projects showcased for the first time at the show include MAG Properties' Dh2.2 billion 'MAG Creek Wellbeing Resort.' Crystal Lagoons unveiled a new strategic business model at Cityscape Global as it strengthened its hold on the region with the development of lagoons in projects worth a massive $25 billion.

Developer Imkan announced the first phase of the Dh2 billion 'Makers District' development. Bloom Holding said it would deliver 3,400 apartments over the next few years across the UAE in both mid-tier and luxury segments, as Danube announced the sale of 75 per cent or 340 units of 456 apartments of Bayz.  

Among the new projects vying for attention were Nakheel's Dh4 billion worth of developments; Union Properties' Dh8 billion masterplan for MotorCity; Aldar Properties' Dh2.4 billion Water's Edge on Yas Island; Deyaar's Dh1b South Bay in Business Bay; National Bonds' Abu Dhabi foray with Dh400 million Reem Tower; and China-based UC Forward's Dh1 billion investment in Dubai's property sector.

Azizi Developments announced that phase one of its Dh12 billion waterfront project Azizi Riviera has been sold out. The developer has also sold 50 per cent of inventory of phase two of the same project, it said.

Faisal Durrani, global head of research at Cluttons, said Dubai property appears to be "coming to the end of its current cycle" amid expectations the market will flatten out or even grow next year.

CBRE's Mat Green, capturing the increased visitor traffic at the 16th edition of Cityscape Global, said the car park at the show "was significantly busier than last year."

- issacjohn@khaleejtimes.com