Business | Property
Zabeel has Dh18b projects under way
Zabeel Properties, the recently launched real estate arm of Zabeel Investments, has eight projects under way in Dubai, with a combined value of Dh18 billion, according to its chief executive officer.
- By Suzanne Fenton, Staff Reporter
- Published: 23:06 June 16, 2008
- Norton says, 'We will always be expanding in the UAE because we have a large landbank of strategic plots. We don't want to be a master developer. We'll have at least one more project this year.'
- Image Credit: Supplied picture
Dubai: Zabeel Properties, the recently launched real estate arm of Zabeel Investments, has eight projects under way in Dubai, with a combined value of Dh18 billion, according to its chief executive officer.
"We have eight projects under way. Six of them are large projects, which we say are Dh1 billion and above.
"And we have two smaller projects which are Dh1 billion and below," Robert Norton, chief executive officer of Zabeel Properties, said.
Zabeel Properties was launched in March and on top of the eight projects being developed, Norton said there are already plans for further expansion.
"We will always be expanding in the UAE because we have a large landbank of strategic plots. We don't want to be a master developer. We'll have at least one more project this year," Norton said.
He said Tiara Residence has 640 apartments and is completed and will be handed over by the end of October.
In keeping with the guidelines set on building green in Dubai, Zabeel Properties are working on achieving a Leed Platinum rating on their hotel on Dobowi island.
If successful, it would be the first hotel in the world to achieve such a rating.
"We're on our way to Leed platinum. We need 15 per cent of the energy from the building to be generated from natural resources," Norton said.
At the moment, around nine per cent of the energy is being produced by natural resources.
Norton said that Dubai will see a shift in the demand and supply dynamics, eventually evening out prices in the real estate sector.
"Affordability depends on demand and supply. And right now, demand way outstrips supply.
Every major city has gone through the same thing, New York, London, the difference is, Dubai has gone through it so fast. But it will even out.
"The day you see less cranes, you'll know supply outstrips demand," Norton said.
Fast facts
- The six large projects include the Americas Hotel, Porto Dubai, Dobowi Island, which is just to the left side of the main trunk of the Palm, Tiara Residence, Tiara United Towers and the Ottoman Palace hotel.
- The other two projects are Tiara Village which is a 50,000 square foot food and entertainment development and a 150,000 square foot development of around 19 villas in Umm Suqeim that will be for rental only as the area is not a freehold zone.
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