Business | Property
Dubai Properties to double portfolio
Dubai Properties, a leading real estate master developer, aims to more than double its current investments in the real estate sector to Dh970 billion with five years.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:12 September 5, 2008
- Dubai Properties's latest project, Babil, is a medium-rise, mixed-use development coming up along the Dubai Creek.
- Image Credit: Gulf News archive
Paris: Dubai Properties, a leading real estate master developer, aims to more than double its current investments in the real estate sector to Dh970 billion with five years.
Speaking at a function in Paris to promote the company's latest mixed-use development Babil in Dubai among foreign investors, deputy chief executive officer Yaqoub Al Zarouni said the company currently has total assets of about Dh480 billion, making it a major player in the Gulf region's real estate sector.
"We are currently master-developing over 1.1 billion square feet of real estate in Dubai, an area that would cover the city of Paris, with projects including Jumeirah Beach Residences, Business Bay, Mudon and Culture Village," Al Zarouni said.
"The Dubai property market has experienced strong growth over recent years and is now in the early stages of a period of sustainable and long-term growth," he added.
"The current weakness in the dollar against the euro and recent property law changes in Dubai make it an attractive investment location," Al Zarouni noted.
Exclusive launches
He also said there will be more new exclusive launches from Dubai Properties' portfolio in coming years, making available investment opportunities for international property investors.
The company late on Thursday held an exclusive promotion at the Ritz Paris for 50 residential units in Babil, a medium-rise, mixed-use development coming up along the Dubai Creek in the heart of the emirate's historic and cultural centre.
The development, in which construction started about a year ago, was launched at Harrods in London on July 1.
Prices of residential units in Babil range from 350,000 euros (Dh1.83 million) for a studio apartment of 600 square feet up to slightly more than one million euros for a two-bedroom, 1,500 square feet apartment," a person involved with Babil's sales promotion told Gulf News.
"The promotion is exclusively available through Harrods Estates until September 6 before the property is launched in the Dubai market.
"The property is being sold off plan and will be completed in the third quarter of 2010," said Safina Ahmad, senior sales negotiator for the London-based Harrods.
"The price at which we are selling is 400 euros per square foot gross area and 575 euros a square foot, net area," said Ahmad.
The 20 million square foot development, she said, will have traditional Arabic architecture, including the wind towers for cooling purposes, Arabic-style engravings on the facades and will include facilities like swimming pool, gymnasium and underground parking.
She said while the studios will get one parking space, those booking one and two-bedroom apartments will be allotted two parking spaces.
Ahmad said they will be selling till the close of business on September 6.
On Sunday morning, Dubai Properties could decide the price for Babil's 150 other residential units, she said. However, the exact date of Babil's Dubai launch is likely to be announced this month.
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