Dubai real estate firm Emaar Properties will expand its Arabian
Ranches development with the launch of a new villa community.
Emaar, which built the world’s tallest building Burj
Khalifa, will start selling properties on its Moroccan-themed CASA community
from November 24.
The new development will feature a series of luxury three
and four-bedroom villas, as well amenities including F&B outlets, a health
club, mosque and landscaped gardens.
“The further enhancement of Arabian Ranches reflects our
growth strategy to develop residential projects that add value to our
stakeholders,” said Ahmad Al Matrooshi, managing director, Emaar Properties.
Emaar did not specify how many properties the new community
would consist of or when they would be completed. Earlier this month, Dubai
contractor Arabtec said it had been hired to build 33 new villas and 62
townhouses at the Arabian Ranches complex with a construction timeframe of 18
months.
In July, Emaar said it had acquired a plot of land on the
neighbouring stalled Dubailand development from Dubai Properties Group in order
to expand Arabian Ranches.
Emaar has been one of the better performing developers in
Dubai’s property market, which saw prices plunge by up to 60 percent in the aftermath of the emirate’s 2008-2009 debt crisis. This year the firm has announced a raft of
new projects, including The Address The BLVD, a mix-used development of 542
serviced apartments and 200 hotel rooms in Downtown Dubai. All 542 apartment
units sold out within a day of going on sale.
Emaar is also building a cultural district, also in its
flagship Downtown Dubai district, which will contain a museum, two art hotels
and an opera house.
In its most recent Q3 financial report, Emaar posted a 4.7
percent drop in net profit to AED387m (US$105m) compared to AED406m a year earlier.
Revenue was down to AED1.6bn compared to AED1.9bn a year ago.
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