Dubai ‘s real estate giant Emaar Properties is not letting the oil price crunch and a strong dollar mar its expansion plans, as the developer announced another luxury real estate project in the heart of the city. The new project, which will consist of luxury villas, will be called Fairway Vista and will be located inside the already popular Dubai Hills Estate.
The Fairway Vista will have 65 six and seven-bedroom villas with plot sizes ranging from 11,000 to 12,000 square feet, with the total built up area said to be between 8,286 and 9,212 square feet.
Realty brokers that attended the launching presentation told newsmen that the company intended to deliver the villas by June 2021. And investors and buyers who wish to invest in the project can enjoy the flexibility of payments offered by Emaar. Investors can pay 60 per cent in three years and the remaining 40 per cent in two years after handover.
Hills Dubai Hills Estate is part of the mega city being built in Dubai – Mohammed bin Rashid City (MBR) City. The project based on the ‘city within a city’ concept is being jointly developed by Emaar and Meraas Holding. MBR City is slated to house 26,400 residential units and will have its own rail line connecting to the emirate’s two international airports.
The master development will have over 2.2 million square metres of green areas that includes the golf course and a central park. It will have a mall, community retail areas, including a boutique mall for high-end brands, hospital, hotels, schools, tennis and sports centres, and a seven-kilometre boulevard. There will also be 45-kilometre trekking trails.
Despite the ongoing pressure of real estate prices in Dubai, Emaar Properties has not backed out from launching new projects in the residential and hospitality segments. Recently, Emaar announced it planned to open 35 new hotels in the UAE and abroad to cater to the rising number of tourist visiting the region. The developer also announced a residential project in its Dubai Marina development, saying it would build two luxury towers of 42 and 52 storeys each that would offer residential units priced around AED 1,700 per square foot.
Earlier in the year, Emaar also announced another master development, Harbour Views Residences in The Island District of Dubai Creek Harbour. The project features a two-tower development with a three-level podium. Emaar said it would be the tallest residential project of Island District in the Creek development, with all units having exotic views of Dubai Creek and Downtown Dubai Skyline.