Dubai: The Majid Al Futtaim Group has fully acquired land in Dubailand to build its first residential community in Dubai. Details of the master plan and of the sales programme are to be announced in the first half of 2018, according to a top official.
Until now, Majid Al Futtaim’s community developments have been in Sharjah, Muscat and Lebanon — all through joint ventures. In the case of Sharjah, it is with the government-owned Sharjah Asset Management.
In contrast, “The Dubai project is fully owned by us... the land we have is in a growth corridor and will feature all of the qualities that are associated with the Majid Al Futtaim brand,” said Hawazen Esber, CEO for the community division. “We will also build two community malls there.”
He declined to mention the likely time frame for the completion of the multiphase project.
It is interesting that the group is getting into full-scale community development in Dubai at this stage. The impression was that it would expand further into Sharjah, given that the emirate is relatively in the early phase of its freehold roll-out cycle.
As to why choose Dubai now, Esber’s response is pithy — “Why ever not?”
“We have always maintained that we will keep looking at other locations where possible — that means Saudi Arabia, Egypt and, naturally, Dubai. Dubai is our playground and we know the market well enough, whatever be the time we launch something.”
The selection of Dubailand is interesting — several clusters within it have already seen people move in. The infrastructure needs are coming along nicely. So, when Majid Al Futtaim comes up with a venture there — and one that promises to cover quite a sizeable area — it can only help with the momentum.
In terms of future price movements, Dubailand and Dubai South are the places to watch out for, according to market sources. The Sharjah venture — billed at the time as the first gated community in the emirate — has had multiple sales releases. In Lebanon, the ‘Waterfront City’ is also several phases into its roll-out.
