Dubai: Emaar Properties and Dubai Holding have launched Dubai Hills, a gated golf-course community, which will be the first project in the recently announced Mohammad Bin Rashid (MBR) City, the developers said yesterday in a joint statement.
The development, located between Emirates Road and Al Khail Road, will feature luxury villas overlooking an 18-hole championship golf course, they said. The villas will be allocated plots of 20,000 to 30,000 square feet each.
Ahmad Al Matrooshi, managing director of Emaar, said the increasing demand for premium homes in Dubai will attract property investors. “By drawing on the strong development competencies, the new residential development will further energise the property sector,” he said.
Given that the villa market performed better than apartments, “it is not surprising that this project is focused on villas,” said Craig Plumb, regional head of research at Jones Lang Lasalle.
The luxury villa market is “very buoyant” and reflects “strong demand” for properties in established communities over the past 12 months, said Matthew Green, CBRE’s head of research.
About 36,000 residential units could enter the Dubai market in the next three years, with villas comprising only 20 per cent of this new supply and a small contribution from luxury villas, he said.
“The supply of quality villas will remain tight for the forseeable future, with current demand levels showing no signs of abating at this time,” he said.
The developers did not provide the cost or timeline on the project but said registered applicants will be contacted shortly when sales begin and potential customers can register with Emaar. “Adopting such an approach allows the developers to judge the likely level of interest in the project ahead of any formal launch,” Plumb said.
Emaar and Dubai Holdings are also the co-developers of MBR City that will include the world’s biggest mall, a Universal Studios theme park and a park larger than London’s 350-acre Hyde Park.
