When it’s getting closer to the end of Ramadan and summer drowsiness in the UAE, some developers start moving closer to their goals. Limitless will finance AED 227.5 million construction of two towers in Downtown Jebel Ali, while Nakheel has awarded an AED 4 billion contract for preparing Deira islands transformation, and Meydan has secured funding for its large-scale projects wright until 2024.
Dubai developers agreed they won’t allow any oversupply at the real estate market. The phased approach towards launches accepted by developers already since Q3 of 2015 ensured that Dubai’s realty will not be burdened by a high inventory of unsold properties between now and 2020-21. Master-developers such as Nakheel have in the recent past repeatedly emphasised that new launches will be dictated strictly by market sentiments swirling about at the time. No more … and no less. According to this strategy, in the first half of 2016 no more than 5500 off-plan property units were derived to the market, which is equal to what the market saw in the second-half of 2015. But this does not mean that the developers have stopped all activities. Let's see what they are preparing for us in future.
Limitless will finance the construction of two towers in the Jebel Ali totaling a whole of AED227.5 million. The contract was awarded to the local company Eastern International LLC, which will construct two towers in the The Galleries in Jebel Ali until the third quarter of 2017. The complex will have 641 apartments. Among the advantages there are a walking distance to the Dubai metro and an hour drive from Abu Dhabi. The complex will be located in front of the four already complete and operating office centers.
For its part, Nakheel keeps transforming the periphery of Deira into a modern alternative to the Dubai center. The contract worth AED4 billion, which the developer has recently awarded to ILF Consulting Engineers, is about sewage treatment system. Regarding the contract cost, it is easy to judge of the entire complex scale, which is being built in Deira. By 2018, there will be night oriental bazaar Suuk, a 2-kilometer long stretch of 5,300 shops and 100 restaurants and cafes. A total project of transforming four man-made Deira islands includes 17 million square meters of total area, 15.3 square kilometers of territory along the coastline, and 21 km of beachfront, with three hotels, a residential complex and a bridge to connect it all with the mainland.
Meanwhile, The Meydan Group has secured funding for a number of its projects, many of which, without exaggeration, are city-forming for Dubai, like Dubai Canal. Meydan Group will receive AED1 billion from a consortium of local banks led by the Abu Dhabi Islamic Bank (ADIB), which will be spent on the construction of various facilities until 2024. Among them, there is a recent sensation, a mixed-use Meydan One project, which includes not only the tallest residential building in the world, but also the largest indoor ski slope and a super-large-scale regional mall.