Davenport Laroche land feature may 2015 Dubai Development Activity High-End Developments Dubai has undergone a dramatic transformation in the last 60 years. From a humble fishing and pearling port in the 1950s, the city has emerged as one of the world’s leading business hubs, renowned for its luxury shopping and hospitality industries and its striking architecture. The city’s skyline has continued to evolve, and with recent construction activity reported in both the highend and mid-market sectors, this momentum appears to be on going. Our latest monthly land report discusses some of the top news stories to have occurred recently in Dubai’s fast-moving construction sector. In Dubai’s luxury market, the beginning of May saw the announcement of a new development on one of the city’s last undeveloped land plots at the Dubai Marina. Mid-Market Homes At the end of April, Emirates 24/7 reported that developers in Dubai were increasingly focused on launching more ‘affordable’ housing projects. One firm joining the trend of builders hoping to gain sales traction via off-plan initiatives is Binghatti Developers. The firm announced it was to launch its new project – Dubai Silicon Oasis – in a bid to offer “affordable properties with high quality materials and finishing in a development that is to be completed in less than one year,” said Muhammad Binghatti Aljbori, Chief Executive Officer. The firm’s CEO continued: “There is an excess of developers focusing on the higher end of the residential market, we feel that the demand for affordable, mid-segment properties is far outpacing the available supply and that this segment will continue to experience growth in Dubai and the region as a whole.” When finished, the project will resemble a jigsaw puzzle containing 222 apartments. As of April, the build was more than 60% complete, with an anticipated completion date of November 2015. Select Group unveiled plans for a new project that will provide over 1,000 luxury apartments in three separate towers. The prices will start with one-bed flats costing around Dh1.3m to Dh2.2m, up to a full floor penthouse property, marketed at a staggering Dh30m. Despite the properties’ high-calibre finish and design, it is the development’s location at the Marina that is the main driver behind the apartments’ price tags. Select Group is constructing the towers in stages, so while the 51-storey tower is due for completion at the end of 2017, the 64-storey tower will not be finished until almost a year later – with the third to follow a year after that. Mustafa Pooya, Select Group’s chief commercial officer commented on the build by saying: “Altogether you’re looking at in the ballpark of 1,400 units. It’s a big development which is why we decided on a staged delivery.” He continued: “For the penthouse, it’s 11,800 square feet – bigger than most villas. Typically a four or five-bedroom villa is 5,000-7,000 sq ft.” These developments highlight just two of the many construction projects that help to maintain Dubai’s development sector, and reflect the widespread demand for property across various markets in the city. To find out more about mid-market developments in Dubai, visit: http://bit.ly/1J56NQ0 Or, for more information on the Marina development, visit: http://bit.ly/1ItA5ZM Address: 1501, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon. Phone Number: 2892-7665. Fax Number: 37538919. Email: [email protected]