Last Week In Real Estate: 3 March – 9 March
The UAE real estate market continues its streak of exciting projects in 2018. And like every week, we bring you a round-up of all the latest happenings and announcements to keep you up-to-date with what’s new in the booming Dubai property arena.
Arabtec Wins AED 424M Contract For Villas In AKOYA Oxygen
Dubai real estate developer Damac Properties signed a 916-villa project with Arabtec Holding on Wednesday. The three-phase development contract entails building additional villa clusters in the 55 million sq. ft. AKOYA Oxygen project located in Dubailand.
The contract entails construction of 329 units in Mimosa, 419 units in Basswood and 168 units of the Amazonia located in phase 6 of AKOYA Oxygen and are expected to take 22 months to complete. Arabtec Holding was also awarded an AED 628M contract last year to build 1,296 villas for the same development.
The luxurious Dubai property development, located just off Umm Suqeim Road extension, is already garnering interest from property investors. In addition to stylish villas, apartments and serviced units, the AKOYA Oxygen development will also include an 18-hole championship golf course, retail outlets, wellness centre and an outdoor yoga enclave.
Nakheel Mall Project In Palm Jumeirah Is 85% Complete
Palm Jumeirah’s latest mall being developed by UAE-based Nakheel is nearing completion. Set to be the latest go-to shopping destination on the Palm, Nakheel Mall will house over 350 shops, restaurants and leisure attractions across 5 floors and 1.2 million sq. ft. of leasable space. Three underground levels with 4,000 parking spots will be available to visitors.
Among other features, two 65 ft. high waterfalls will adorn the interior of the massive Nakheel Mall. It will also have a fine-dining roof plaza offering visitors spectacular panoramic views of the Palm, Arabian Gulf and the glittering Dubai skyline.
Nakheel Mall will also grant visitors direct access to the public viewing deck at The Palm Tower, a 52-storey hotel and residential property that is currently under construction.
Emaar Announces The Grand At Dubai Creek Harbour
When the master-developer behind Burj Khalifa calls something “ultra-luxe”, attention must be paid. Emaar revealed its latest premium luxury project The Grand, a 62-storey tower located in Creek Island at Dubai Creek Harbour.
The gleaming tower will have offer luxurious one, two, and three-bedroom apartments along with four-bedroom penthouses. Podium townhouses with private gardens will also be available. Other features of The Grand include a luxurious lounge space on the rooftop, a world-class marina, an infinity pool, children’s play areas, tennis court, multi-purpose sports lawn, BBQ area, and much more.
The Grand’s winning feature is naturally the uninterrupted views of Downtown Dubai and the 928-metre Dubai Creek Tower, which is set to dethrone Burj Khalifa as the world’s tallest tower.
Ruler Of Dubai Visits Bluewaters Island Project Site in JBR
Vice President and Prime Minister of the UAE and Ruler of Dubai H.H. Sheikh Mohammed bin Rashid Al Maktoum visited Bluewaters Island earlier this week. The man-made island located off the coast of Jumeirah Beach Residence (JBR) is set to become the latest in Dubai property market’s string of luxury island communities. The AED 8B project will include residential, retail, hospitality, leisure and entertainment facilities.
The leader reviewed the progress of the upcoming projects planned for the island. Construction of the island’s first hotel is well under-way, which will eventually house 178 rooms and 96 serviced apartments in one- to four-bedroom configurations. The larger second hotel project will also boast the same property types, with 301 rooms and 119 serviced apartments. Both will provide excellent luxury amenities and services with access to a 450-metre private beach. Properties in Bluewaters Island will also be home to over 700 residential units across 10 waterfront apartment buildings with state-of-the-art amenities including gymnasiums, swimming pools, landscaped gardens and kids’ play areas.
The island’s key attraction, Ain Dubai, will be the world’s largest and tallest observation wheel at a height of 210 metres. Offering 360-degree views of Dubai, the giant wheel will also be a major tourist attraction on the island. One of the legs of Ain Dubai will offer adventurers the chance to climb the world’s highest rope climbing platform with a height of over 150 metres.
Danube Launches AED 300M Residential Project
Following a streak of successful affordable housing developments, Dubai-based developer Danube Properties announced its 10th project in the UAE, Jewelz. The latest addition to properties in Arjan, Jewelz takes the Danube portfolio’s net worth to AED 3.14B.
Talking about the Dubai real estate project, founder and chairman of Danube Group Rizwan Sajan said: “I am extremely proud to announce our 10th project Jewelz next to Miracle garden at Arjan. Dubai is a lucrative and transparent market when it comes to investment. You will get the highest return on investment, high capital appreciation, and ease of doing business and strong economic growth.”
With over 50% of the project area dedicated to recreational outdoor spaces, the new residential development will offer 463 residential units, ranging from studio, one- and two-bedroom apartments. Residents will also have access to luxury amenities including a health club, swimming pool, sauna room, jogging track, and sports courts. The developer’s Resortz by Danube offering studio, one-, two- and three-bedroom furnished apartments is also located in Arjan.
Zaha Hadid Architects to Design Aljada Central Hub in Sharjah
The late Zaha Hadid‘s Dubai-based architecture firm has been selected to design the Central Hub located at the heart of Aljada, a luxury AED 24B mixed-use development planned by ARADA in Sharjah. The announcement came after ARADA ran an international competition to pick an awardee for the contract.
The first phase of the project aims to create a lively space for families and tourists with a series of attractions and activities. Offering world-class amenities along with community facilities, the area will also be home to several retail and dining experiences. The Central Hub in Aljada will be a key attraction in the community for visitors, and will also include an adventure activity zone, a food market and outdoor event spaces.
Encompassing the late architect’s artistic vision, the design for the project will reflect “the shape a water droplet makes when it hits the ground, scattering smaller drops in every direction”, with elliptical buildings of varying size built around a central observation tower.
With every passing week, the UAE property market continues to evolve. To see what you missed last month, take a look at our February UAE real estate news recap.
Wondering what to do this fine Friday evening? Take the Bayut survey to win a free dinner for two or browse through our round-up of exciting events happening in March.
