The slowdown in transactional activity is not deterring developers like Emaar from grand launches in the Downtown area. The slowdown in transaction volumes in Dubai’s property market is not putting brakes on new project launches.
Emaar Properties, Dubai’s largest property developer, is set to launch its second twin-tower project in Downtown - Opera District on May 30, real estate agents told 'Emirates24|7'.
“This is the second project in the Opera District. We are told that the launch of the first tower will take place simultaneously in Dubai, Abu Dhabi and London,” the agent said on conditions of anonymity.
In 2014, the developer had launched Opera Grand, the first residential tower in the Opera District. The 66-storey tower houses over 200 apartments.
Designed by Japanese architects Nikken Sekkei, Forte comprises two towers, one 70 storeys and the other 50 storeys and will have one, two and three bedroom units, ranging from 650 to 1800 square feet in size. Though the developer has not disclosed the launch prices, market listings for Opera Grand currently are between AED2,500 and AED2,800 per square feet.