Emaar’s affordable plan… and more
Firm believes lower prices will tempt buyers
Emaar has announced the construction of a new residential district it said will contain ‘affordable’ homes.
The Emaar South project will be located in the new desert community of Dubai South, a few minutes away from Al Maktoum International Airport.
Mohammed Alabbar, Chairman of Emaar Properties, said the developer is attempting to make homes more affordable for residents.
The real estate firm is advertising prices for townhouses starting at Dhs699,888, which some agencies said is considerably lower than nearby communities.
Emaar South was announced ahead of the property industrial showcase Cityscape Global, which gets underway in Dubai today. Alabbar said: “We are passionate about pricing. We would like to have a reasonable margin.
“We ask ourselves how we can keep pushing prices at a reasonable level so that affordability is there – all while keeping our shareholders and partners happy.”
Alabbar declined to state the cost of the project, but said it is “worth billions”.
Emaar South will contain more than 15,000 homes, retail outlets, an 18hole golf course and clubhouse, three and four-star hotels, K-12 schools and leisure facilities. There will also be parks, tree-lined boulevards, pedestrian walkways and bicycle trails. The firm said there would be access to public transport, but did not specifically say if this would be the expanded metro line to the Expo 2020 site. Thomas TK, a property agent from Chesler Real Estate, believes buyers will be tempted by the district’s apartments and townhouses. He said: “I think if people buy it for the price it is going for now, the price will likely increase to more than Dhs1 million soon. “Other projects in that area are much more expensive. Down in Jebel Ali, Badrah by Nakheel are more expensive [properties] than what Emaar is offering.” Ann Boothello, from dubizzle, said there has been a rise in demand for “inland communities”. She said: “Dubai South is attracting the interest of developers, especially ahead of Expo 2020, given its close proximity to the site.” Alabbar did not reveal the completion date of the project.
CONFIDENT: Alabbar said Emaar South will be sought after, but would not say when it would be built or how much it will cost