Business | Property

Dubai firm to announce projects worth Dh40b

Dubai Properties, a member of Dubai Holding, will launch Dh40 billion worth of projects at next week's Cityscape real estate exhibition in Dubai.

  • By Robert Ditcham, Staff Reporter
  • Published: 23:51 October 10, 2007
  • Gulf News

Dubai: Dubai Properties, a member of Dubai Holding, will launch Dh40 billion worth of projects at next week's Cityscape real estate exhibition in Dubai.

The company will announce two projects, one in Business Bay and one in Dubailand.

Although officials did not reveal the nature of the two developments, Dubai Properties CEO, Mohammad Bin Braik, earlier told Gulf News that the company is planning to launch an extension to The Villa residential project in Dubailand, which will bring 180 additional Spanish style villas onto the market.

Bin Braik also revealed plans to build a combined commercial, residential and retail cluster at the company's Business Bay master development.

He confirmed that the project, which will include a cluster of mid-rise tower blocks, will be formally announced at Cityscape and is scheduled for completion in 2009. The company is also planning to launch a new master-development, he added, without revealing the planned announcement date.

"Unstable property market trends elsewhere in the world will continue to buoy the sector in the GCC region. While announcements on major projects are tapering off, potential opportunities in niche segments still exist," he said.

Dubai Properties' stand at Cityscape will showcase developments including the Business Bay Vision Tower, Executive Towers, The Villa and the Dh745 million freehold Mediterranean style residential community Al Waha Villas in Dubailand.

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