Dubai Properties is set to launch $5 billion worth of real estate developments this year, its chief executive has said.
Mohammad bin Braik said the billion-dollar projects include 2,000 villas, a mixed-use cluster of apartments and a new master development, UAE daily Gulf News reported on Thursday.
"Currently there is strong demand for villas, but the need for apartments will increase over the next few years and I expect to see developers turning their attention to this sector," Braik told the newspaper.
This month the Dubai Properties, part of state-owned conglomerate Dubai Holding, will begin working on an extension to The Villa residential project in Dubailand, located on the outskirts of the city.
The project is set to bring 180 extra Spanish-style villas onto the market, the newspaper said.
Dubai Properties will also launch a combined commercial, residential and retail cluster at the company's Business Bay master development. The announcement will be made at Dubai's Cityscape real estate exhibition in October.
A "lifestyle, community-oriented" master development for Dubai is also in the works before the end of the year, Braik revealed to the newspaper.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.