Dubai developer also plans to restart stalled projects and start sales on another - CEO
Dubai real estate firm Deyaar will launch two new projects this year, its CEO said, as well as starting sales on another major development.
Saeed Al Qatami said that one of the new projects would be an AED500m ($136m) 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 1m sqft in Business Bay, located along Sheikh Zayed Road, Dubai’s main thoroughfare.
“We have a good land bank and we’re going to start with Business Bay again. It’s promising, and more and more development is coming here,” he told reporters.
Al Qatami added that Deyaar would also look to resume work on some of its projects that were halted during Dubai’s 2008 real estate crash, which saw property prices plummet by up to 65 percent. “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, a 50/50 joint venture with Dubai Properties Group, will contain more than 420 apartments.
“The plan is to start selling after the summer. It’s almost 75 percent completed. For the 25 percent we have full funding facility from the banks,” Al Qatami said.
Dubai’s property market has gradually recovered from its slump over the past year, with a report from Deutsche Bank noting that properties prices rose for the 16th straight month in March.
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.