Last week in real estate: 13 May – 17 May 2018
The holy month of Ramadan is finally here. Although we can expect a different pace of live during the Holy Month, there is one thing we can all rely on to never come to a stop, and that is UAE real estate news. Let’s look at the exciting new developments, that have been making it to the UAE property news headlines, in the past week.
largest indoor snow park to be built in AL REEM MALL
First up on our list of the UAE real estate news is the development of a new and exciting leisure park that will grace the emirate of Abu Dhabi. Expected to be completed by 2020, Al Farwaniya Property Developers and Majid Al Futtaim Ventures will be building the world’s largest indoor snow play park.
This 125,000 sq. ft. construction project in the UAE will be one of the main attractions in Reem Mall, Abu Dhabi, that will feature a wide range of snowy fun, spread across different zones. Some of the activities that visitors can partake in, include slides, sledging, zorbing and tubing. The park attractions are family and kid-friendly – there will be a family train and storytelling corners.
Reem Mall itself is a major construction project in the UAE. The $1.2b project, which recently began construction, will comprise 450 local and international brands, and more than 85 dining options. The mall will also be offering a wide range of hypermarkets, department stores, entertainment and leisure options, such as the Snow Park, and a multiplex.
Both developers of the project are looking forward to the completion of the project. Shane Eldstrom, CEO of Al Farwaniya Property Developments, said: “The stunning line-up of activities that Snow Park is set to offer aligns itself with the growing landscape of Abu Dhabi.” Ahmed Galal Ismail, CEO of Majid Al Futtaim Ventures, added, “We are in the business of creating great moments. Our entertainment concepts, like the Snow Park, will provide the best guest experiences.”
The Snow Park is one of the most ambitious projects to be undertaken in Abu Dhabi. Majid Al Futtaim Ventures currently operates the highly successful Ski Dubai and Ski Egypt, so it is guaranteed that it will be a milestone in Abu Dhabi’s luxury tourism industry.
Construction moves forward at Emaar South
Next up on the list of the UAE real estate news, is another major construction project in UAE – Emaar South. Emaar South was a key off-plan marketplace in Dubai last year, and is driven by both government and private sector developers. The joint venture between Emaar Properties and Emaar South has picked up the pace for a 2019 handover of around 1,400 homes, which are under construction. The property types, which are being built include townhouses, apartments and villas.
Fadi El Borno, General Manager – joint ventures, of Emaar Properties, said, “Contracts worth Dh1.5b have been awarded and are currently under construction, Emaar South has a phased masterplan, so construction will have little impact on residents. Whatever has been launched has been substantially sold out. Demand has been healthy for the recently launched Saffron townhouses and construction will commence soon.”
The locality of Emaar South will include a range of amenities and facilities such as a retail centre, boulevard, schools, hotels and a healthcare facility. It will also be easily accessible by public transport as the Dubai Expo will be the closest Metro station, which is less than a 10-minute drive away.
Sobha Realty unveils residential homes at Sobha Hartland
With Expo 2020 fast approaching, developers all around the UAE property market are in a race to unveil their projects. This week, real estate developer Sobha Realty is making headlines in UAE real estate news with the launch of Sobha Creek Vistas in Sobha Hartland.
The twin towers of Sobha Creek Vistas each comprise a mix of 1 and 2-bedroom apartments, spread across 28 floors. All apartments come equipped with their own balconies, fully fitted kitchens, central air-conditioning, smart home automation, and state-of-the-art fixtures and finishes.
PNC Menon, Founder and Chairman, Sobha Realty, said: “We are delighted to announce the launch of Sobha Creek Vistas. With strategic location of Sobha Creek Vistas at the epicentre of Dubai and facing the Dubai Creek, residents will enjoy a lifestyle that is sure to be the envy of many. Given our focus on quality and lavish homes, Sobha Hartland is by far the most preferred choice for real estate investments. With Hartland Greens, waterfront villas, townhouses, and now Sobha Creek Vistas – Sobha Realty continues to set a benchmark in offering a world-class bespoke living experience.”
Sobha Hartland is beautiful 74ha freehold community in Mohammed bin Rashid Al Maktoum City that boasts residential living spaces with modern classic architecture and interiors fitted with German technology. All the residential homes in Sobha Hartland come fully equipped with amenities and facilities including shaded car parking, community parks and a clubhouse.
Azizi Shaista project on track for completion
Another construction project that is making headlines in UAE real estate news, is the residential project in Al Furjan – Azizi Shaista. The buildings, which will have 12 floors, have completed construction of the structure – the installation and finishing work is currently in progress. This residential building will have 284 units, comprising 137 studios, 124 1-bedroom apartments, and 23 2-bedroom apartments, in addition to a retail space.
Mirwais Azizi, chairman of Azizi Group, said: “Al Furjan has developed into a vibrant community with excellent infrastructure along with a strategic location. Its proximity to the Expo 2020 site, along with easy access to the Al Maktoum International Airport, makes it a prized investment for buyers and investors, and we expect it will bring strong rental returns.”
Azizi Group has become a major player in the UAE real estate market as the company has worked quickly to develop projects across the property market in Dubai. Their projects are spread across major residential communities, including Meydan, Palm Jumeirah, and Sports City, to name a few.
There we have it, this week’s updates and headlines in the UAE property market. Now that you are caught up with all the updates from the real estate market, if you are not fasting, check out restaurants remaining open for Ramadan and don’t forget to check in to the most popular real estate blog in Dubai for more news and updates about life in Dubai.
