By Staff writer
Burj Khalifa developer has already rolled out 7 projects in first 8 weeks
Property giant Emaar is currently rolling out one new project every week in 2014 across Dubai – with sources suggesting the trend could continue throughout the year.
A remarkable seven new projects have already been announced in the first eight weeks of this year, beginning with the “Lila” Spanish coastal villas in Arabian Ranches. A week later the Vida Residence in Downtown Dubai was announced, followed by the “Boulevard Point” homes, also in Downtown Dubai. On January 26 it announced the “Rasha” villas in Arabian Ranches, followed a week later by “Yasmin”, also in Arabian Ranches. The “Mira Oasis” townhouses, close to Arabian Ranches, and the “Mulberry at Park Heights” in Mohammed Bin Rashid City were announced in the last three weeks.
Sources close to the company suggest Emaar may carry on the current rate of launches for much of this year, with revenues on each launch sometimes hitting close to AED1bn ($272m). It is not known whether these would all be focused on Dubai, or across the UAE.
Last week the company reported a 48 percent jump in fourth-quarter net profit, as it benefited from a renewed real estate and tourism boom in the emirate.
Dubai's largest real estate developer posted a quarterly profit of AED756m ($206m), compared with AED512m in the corresponding period of 2012, the company said in a statement.
Analysts in a Reuters poll had predicted on average a net profit of AED622m.
Emaar, the developer behind the iconic Burj Khalifa - the world's tallest building - said its total value of sales in Dubai for 2013 was AED12bn, nearly three times the amount in 2012.
EMAAR LAUNCHING EVERY WEEK A PROJECT
WHAT ABOUT THE CONSTRUCTION ?
WHEN IT WILL BE STARTED ?
LAST YEAR EMAAR LAUNCHED
ADDRESS BLVD HOTEL
FOUNTAIN VIEWS 1 & 2
UNTIL NOW WE CAN SEE CONSTRUCTION ONLY ON ADDRESS BLVD HOTEL...
WHEN THE CONSTRUCTION WILL COMMENCE ON OTHER PROJECTS?
WILL IT BE COMPLETED ON TIME WHICH EMAAR MENTION ON THE TIME OF LAUNCH.... BECAUSE MOSTLY PROJECTS COMPLETION DATE IS 2016 OR 2017...
NOW THERE IS NO CHARM IN EMAAR PROJECTS BECAUSE EVERY WEEK 1 NEW PROJECT..
SCARE OF NEW BUBBLE.....
Good point SMY. This is just the usual spin we're all getting tired of. What about finishing the landscaping & infra structure surrounding developments already completed in Dubai? The road network & road surfacing around so many areas needs to be improved before they launch themselves into new projects. Al Sufouh has been appalling for years. The roads throughout the Dubai Marina equally so. Access into & out of Discovery Gardens is diabolical. Brick paving on the roads of Palm Jumeirah is falling apart. Need I go on?
Everything in Dubai is HYPED. Lot of Hot Air, both Natural & Artificial.
any project that Emaar has launched, they have already started construction. All payment plans are linked to construction so if they do not have completed a certain percentage, they do not collect payments. But Nakheel on the other hand is a total chaos. I have bought a studio on Palm Jumeirah February 2013 and until today, there has been nothing done. They have already collected 40% from me since they take the installments on post dated cheques. So you don't even have a chance to object paying them. If your cheque bounces, immediately they open a police case and travel ban. So I really advise people to not deal with Nakheel. I really hope the government brings a new management team to Nakheel or Nakheel merges with Emaar.
Good Advice, but would only work if people listen. For every one sensible person, there are 9 fools, and these people thrive on fools.
I echo you concerns on Nakheel, I have just had a bad experience with them, I own a villa in JVT which I purchased via a mortgage with HSBC, and when I wanted to sell it, Nakheel refused to issue an NOC claiming that HSBC owns them money on other properties and not mine! and asked me to apply pressure on HSBC! Can you imagine?!
Reality will hit very hard when Emaar announces project delays in a year's time ...
Id be scared when the country leaders come out with statements like " if the bubble bursts we'll buy a new one"
When so many new projects get launched at the same time, it invariably increases the supply and demand reduces. When demand reduces, the prices will too have to come down. The current market prices are over inflated and the developers are actually enjoying the fruits. People who bought apartments at high prices will find it difficult to offload their "old" apartments which they bought for a high premium, as buyers will be more interested in investing on "new" properties launched by emaar at a later date which will be priced comparatively less as per the law of over supply and reduced demand.