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$4 Billion in New Projects Announced Since Dubai Property Law Enacted

 

(Reprinted from www.AMEinfo.com)

(United Arab Emirates: April 10, 2006) Since the new Dubai Property Law was announced on March 12, 2006, a record 14 new projects have been announced in Dubai. The developers range from local companies Emaar Properties and Damac Properties through local secondary developers, to big international names from Korea and India with three projects worth $775 million.

Topping the list was the Dubai-based Fortune Group's $1.1 billion commitment to building the 108-storey Burj Al Alam in the Business Bay district, with 27 floors of serviced apartments, commercial offices and the world's highest hotel. Rising 480 metres, the Burj Al Alam is designed to resemble a dazzling crystal flower.

Local money
Such a huge investment by a Dubai developer is surely a good sign of confidence in the local market. The second and third largest projects since the Dubai Property Law was passed are also from local concerns.

The City of Arabia launched its Wadi Residences, 1,600 apartments in five-storey buildings at the heart of its city-within-a-city plus dinosaur park and the world's biggest shopping mall. Meanwhile Dubai-based Al Manal unveiled its $816 million Crown City residential project with 8,000 apartments in 52 buildings in the Dubai Investment Park.

Emaar Properties released the last of its popular Alvorado villas at the Arabian Ranches around its golf club, and also reported rapid sales of its first offering within The Old Town Island at the Burj Dubai Downtown, The Tajer Residences comprising 252 individually designed waterfront apartments.

Business Bay takes off
Aside from the $1.1 billion Burj Al Alam, there were four other major project announcements at the upcoming commercial district Business Bay: Tulip announced its Peninsula Tower, while Al Attar Properties launched The Skyscraper, Tameer rolled out The Regal Tower, and leading Korean firm Bando Housing Corporation bought land for a $350 million mixed use development.

New Dubai also saw some major new development projects: the $323 million Taj Exotica Resort and Spa and The Grandeur Residences on The Palm Jumeirah from ETA Star; the $191 million Palm Island hotels from Zabeel Investments and TUI Hotels and Resorts; and the Iris Blue, a 29-storey residential tower in Dubai Marina from Sheth Group of India.

Have all these diverse property companies got the Dubai property market wrong? Perhaps if these companies were mainly international and not Dubai-based this might be a fair conclusion. But the majority are local concerns, generally run by local businessmen with a good track record, and usually self-made, not the usual candidates for throwing money away.

However, one thing is quite certain -- the Dubai Property Law has revived the launch of new development projects in Dubai.

 
 
 
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