here - Davenport Laroche

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
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:
Or, for more information on the Marina
development, visit:
Address: 1501, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon. Phone Number: 2892-7665. Fax Number: 37538919. Email: [email protected]