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$5b realty deals shape up

Dubai Properties, a member of Dubai Holding and developer of projects including Jumeirah Beach Residence, will launch real estate developments this year worth at least $5 billion, including 2,000 villas, a mixed-use cluster of apartments and a new master development.

  • By Robert Ditcham, Staff Reporter
  • Published: 23:38 September 12, 2007
  • Gulf News

  • Mohammad Bin Braik.
  • Image Credit: Gulf News archive

Paris: Dubai Properties, a member of Dubai Holding and developer of projects including Jumeirah Beach Residence, will launch real estate developments this year worth at least $5 billion, including 2,000 villas, a mixed-use cluster of apartments and a new master development.

The company will begin its spending spree this month with the launch of an extension to The Villa residential project in Dubailand, which will bring 180 additional Spanish style villas onto the market.

They will form a fraction of the 2,000 villas Dubai Properties has in store for the emirate before the end of the year. The villas will be built within several self-contained projects, ranging from large, luxury homes at The Villa phase two to smaller two- and three- bedroom units.

"Currently there is strong demand for villas, but the need for apartments will increase over the next few years and I expect to see developers turning their attention to this sector," Dubai Properties CEO, Mohammad Bin Braik, told Gulf News.

In response to this expected demand, Dubai Properties will launch a combined commercial, residential and retail cluster at the company's Business Bay master development. The announcement will be made at Dubai's Cityscape real estate exhibition.

Bin Braik said the development will include a cluster of mid-rise tower blocks, which are scheduled for delivery in 2009.

And in an announcement of some significance for Dubai, Bin Braik also revealed plans to launch a new "lifestyle, community-oriented" master development in the emirate before the end of the year, but did not go into specific details.

The company's portfolio of master developments currently includes Business Bay and Culture Village, where Dubai Properties develops the infrastructure for a sizeable area of land and puts up its own properties or sells plots to sub-developers.

"Master developing is about taking a barren desert terrain and turning into habitable land. Any new master development will have to be a combination of different properties so that people have everything they need around them," said Bin Braik.

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