Emaar announces two Dubai projects worth $26bn
Emaar Properties, Dubai’s largest listed developer, has announced two luxury projects in the emirate valued at a combined Dh96 billion ($26.14 billion) as the property market continues to expand amid strong investor demand.
The lifestyle projects, The Heights Country Club and the Grand Club Resort, will be next to one of its current developments, The Oasis, on the outskirts of Dubai.
No details were revealed about either project, but Emaar said both “are expected to significantly enhance sales and profitability” and will include “a substantial number of villas and townhouses”.
The Heights Country Club, valued at Dh55 billion, is the larger of the two planned developments, with the “retreat” covering an area of 81 million square feet, Emaar said. The
Grand Club Resort, with an area of 60 million square feet, has an estimated value of Dh41 billion. Emaar said the project will include a wellness centre and offer luxury hospitality.
Mohamed Alabbar, founder of Emaar Properties, said the projects represent “the grandeur and transformative future of high-end living”.
The launch comes as Dubai’s property market continues to expand on the back of strong investor demand amid favourable economic conditions and policies that encourage longterm residency.
Last year, the value of real estate deals in the emirate hit Dh634 billion, recording an annual 20 per cent jump.
Prices of prime residential properties in Dubai rose by more than 16 per cent last year, the second-fastest pace globally, according to property consultancy Knight Frank.
Despite the record sales of luxury homes last year, Dubai is still ranked towards the bottom end of the most expensive prime markets globally, the report said.
With $1 million securing 979 square feet in any of the emirate’s three prime residential districts, the city was ranked 13th on the global list of top 15 prime residential markets.
In June, Emaar launched The Oasis, a $20 billion luxury waterfront property development with 7,000 residences, including mansions and villas.
Emaar is also expected to announce details later this year regarding the tower being built at Dubai Creek Harbour, which had been touted to be the world’s tallest. However, following the initial announcement, Mr Alabbar said it would be a smaller structure than planned previously.
At this year’s Sharjah Entrepreneurship Festival, Mr Alabbar said the new design had been approved and construction has started on the tower, which will not be as tall as Burj Khalifa.
“Everybody wants to have an apartment in Paris overlooking the Eiffel Tower, right? So, we said ‘listen, our buildings are only 50 storeys tall, why do we have to build something one kilometre tall?’,” Mr Alabbar said. “We changed our minds and we redesigned. I think we did something like male and female [towers], so Burj Khalifa will be the male and Creek Tower will be the female.”
Last month, the company reported a 70 per cent increase in its 2023 financial year net profit, driven by increased sales. Net profit for the 12 months to the end of December rose to Dh11.6 billion.
The Heights Country Club and the Grand Club Resort will be built next to Emaar’s current development, The Oasis