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New Dubai projects boost realty outlook

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on December 10, 2016 | Last updated on December 10, 2016 at 08.40 pm
New Dubai projects boost realty outlook
Khalid bin Kalban looks at the scale model of the Mirdif Hills by DIRC on Saturday.

(Photo by Dhes Handumon)

Dh3b Mirdif Hills project launches by Dubai Investments

A spate of new Dubai property project launches in the recent weeks are a sign of developers' confidence in the market's ability to absorb the supply.

After a relatively dry first three quarters of the year in terms of new project announcements, the past month or so has seen master developers announce property development projects worth over Dh5 billion.

This includes Schon Properties's Dh3.2b iSuites hotel apartments project close to the World Expo 2020 site, Sobha Group's 14,000sqft land plots within Sobha Hartland, and Danube's Dh400m Miraclz project in Arjan near Miracle Gardens.

Add to that the Dh3b Mirdif Hills project launched last week by Dubai Investments, a leading player in the emirate's real estate sector.

"Dubai Investments feels the market is right for the launch of its iconic Mirdif Hills project," said Khalid bin Kalban, managing director and CEO of Dubai Iinvestments and chairman of Dubai Investments Real Estate Company (DIRC), on Saturday.

Announcing the sales launch of Mirdif Hills units, Kalban said all 50 units initially released for investors had been sold out, reflecting a rebounding appetite for Dubai properties.

"The UAE real estate market is characterised by strong fundamentals, making it the preferred investment destination in the Middle East and providing ample opportunities to drive added value. The launch of projects such as Mirdif Hills will not only rejuvenate the sector but also accentuate the strong growth potential on offer," said Kalban.

Dubai Investments said it was pressing full steam ahead with its Dh3 billion freehold Mirdif Hills project as the market is "looking up" following the end of a demand-supply imbalance cycle.

Kalban said the project would be complete for delivery within 24 months.

An interesting aspect of the project is its vertical villas, an architectural concept gaining international popularity. Inspired by French architect Le Corbusier, the Vertical Villas series comprises several villas built in one single building and rising up vertically, giving it a sustainable and green look.

Mirdif Hills will be a gated community with an array of commercial options, retail outlets, community recreation and landscaped gardens across three clusters: Al Multaqa Avenue, Janayen Avenue and Nasayem Avenue.

Kalban said the main contract of the project was awarded to ECC Dubai and a Dh1.1 billion financing for the project has been signed with First Gulf Bank and Abu Dhabi Commercial Bank.

The mixed-use residential, commercial and retail development is spread across 3.9m sqft and features 1,054 apartments - a mix of studio, one, two, three-bedroom apartments and duplex units, a four-star hotel with 116 rooms and 128 serviced apartments and a 230-bed hospital to be run by NMC Group.

Speaking to the media, Kalban said as a leading player in the UAE real estate sector, DIRC continues to develop its portfolio in the domain, amid surging investor confidence and renewed market interest.

"Dubai Investments feels the market is right for the launch of its iconic Mirdif Hills project, which offers salient advantages of ideal location, unique attractions and amenities within a self-contained, community."

Mirdif Hills is being constructed in two phases, and is expected to be completed starting fourth quarter of 2018. DIRC's payment plans for the project offer investors the flexibility to pay up to 50 per cent during the construction phase and the balance on completion.

The project is located adjacent Mushrif Park in Dubai with close proximity to Dubai International Airport, leading business districts and shopping malls.

On the commercial side, Mirdif Hills will have a collection of 52 retail outlets and shops, including a piazza, fine dining restaurants and cafés.

Kalban said DI's plan to list 30 per cent of its Emirates District Cooling (Emicool) subsidiary is on track and hopes to raise $200 million when it goes public by early 2017.

DI's investment park projects in Angola, Riyadh and Morocco are also getting finalised, he said.

- issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.


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