Dubai: A new residential development that will feature buildings built around a park, perhaps reminiscent of New York's famous spot although on a much smaller scale, will soon rise in Dubai.
Aptly named “Central Park,” the 230,000-square-metre project by Meraas will be constructed at City Walk, the UAE developer’s outdoor retail complex not too far from Satwa and Downtown Dubai, the home of the world's tallest tower.
The company unveiled its plans for the “exclusive residential neighbourhood” on Thursday. It will comprise 12 terraced mid-rise residential buildings that will surround a 40,000-square-metre private park.
The new project will add 187 residential units to Dubai’s property stock, when completed. The flats will overlook a “year-round fertile park,” according to Meraas.
The new project was announced amid reports of a slowdown in the UAE’s property market. Rents and sale prices have been on a decline as a huge supply of new residential properties continue to come on stream.
Analysts have said that the real estate downtrend isn’t turning around very soon, with market prices forecast to decline by 10 to 15 per cent over the next couple of years.
According to ratings agency Standard & Poor’s, the market will stabilise in 2020, while a meaningful recovery is expected around 2021.
Meraas said the future residents of its new “leafy community” will have access to a variety of amenities designed for those with an active lifestyle, including tennis and basketball courts, swimming pools, spas, cafes and a multi-purpose kids play area.
It will be just two minutes from City Walk’s retail complex and the still being developed 17,000-capacity Dubai Arena.
Real estate prices in Dubai reached their highest level in 2014 and the figures have fallen 25 per cent to 33 per cent since then, according to Asteco. Analysts at S&P Global Ratings are betting on prices to continue to slide.