• Home
• /
• Realty
• /
• Business

Cityscape Global opens: Business as usual for Dubai

dubai - First day witnessed a flurry of sales and enquiries along with the launch of a spate of mega projects

Reflecting the beginning of a new cycle of growth for the UAE property sector, the opening day of Cityscape Global - which for the first time facilitated direct sale of properties by developers  - witnessed a flurry of sales and enquiries along with the launch of a spate of mega projects worth several billions by developers on Monday.

The unveiling of a Dh8 billion new master-plan by Union Properties for its flagship MotorCity development stole the limelight on the opening day, while an array of breathtaking projects by other leading local developers including Dubai Investments Real Estate Company, Deyaar, Dubai Holding, RAK Properties, Sobha Developers, Dubai Properties, Nakheel, Meydan, Meraas, Dubai South, Danube, Damac and Aldar Properties, as well as special sales promotions, drew visitors in droves to the show's 16th edition at the Dubai World Trade Centre.

While official figures for the first day sales are yet to be made available through Dubai Land Department and Real Estate Regulatory Authority, local property exhibitors said the response from buyers had been beyond expectation, especially for a wide array of mid-sized properties showcased at special prices as part of promotions at the largest regional property event.  

'The opening day witnessed brisk sales as well as serious enquiries from potential buyers underscoring the strong rebound of the property sector. Visitor response was really overwhelming. However, at this stage, we cannot take an estimate of the total sales figure for the day. It may run into scores of millions," a spokesman of the organiser said.

While most of the local property projects are being offered at easy and flexible payment plans and special prices, some developers are even offering payment plans including as low as 30 per cent during the construction phase, and the balance on handover, making the process easier for buyers.  

Exhibitors said there is a lot of interest particularly for the one-, two- and three-bedroom apartments as well as duplexes. Along with attractive prices and payment plans, other key factor being considered by most end-users is the advantage of location and amenities.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, visited Dubai Land Department stand at the show to trial a new interactive application that helps investors and developers track the progress of all real estate development projects across Dubai.  

Damac chairman Hussain Sajwani shared optimistic outlook for the UAE's property sector growth at the exhibition.

"The property sector, like any other industry, is cyclical in nature and will fluctuate in response to regional and global economic conditions and factors," Sajwani said.

"As I have said before, these cycles will continue as Dubai's property sector matures, and I believe that we are at the beginning of a new cycle of growth thanks to positive economic indicators as well as the increasing size and volume of new projects being announced across the UAE.  These are very exciting times for the sector," he added.

Developing line-up
The line-up of new local and international participants among the nearly 300 exhibitors from 30 countries included Arada (Sharjah), Aldar (Abu Dhabi), Imkan (Abu Dhabi), Oriental Pearls (Dubai), and Northacre from the UK, as well as companies participating as part of the Bahrain and Pakistan pavilions, and the Korean Tourism Organisation.

While Dubai Investments Real Estate Company (DIRC), a subsidiary of Dubai Investments, is showcasing the Dh3 billion Mirdif Hills project - the only freehold in Mirdif now - Dubai Properties, showcased developments across key destinations including Business Bay, Dubailand, and Dubai Wharf. Dubai Properties is also launching two new projects for sale at the exhibition: Marasi Towers in Marasi Business Bay and Amaranta-phase 1 of Villanova in Dubailand.

DIRC announced plans to launch sale of units in the project's second cluster - Nasayem Avenue, in addition to the sale of units in Janayen Avenue, the first cluster.

DIRC, which is developing a number of residential and commercial projects, also has on offer flexible payment plans and a special price of Dh950 per square feet for Mirdif Hills. The payment plan includes 30 per cent payment during the construction phase, and the balance 70 per cent payment on handover, making the process easier for buyers.

Deyaar's Dh1 billion South Bay, a premium residential, serviced apartment and hotel property spread across a built-up area of more than 1.3 million square feet, is located in Business Bay.

Properties Investment, a joint venture owned 70 per cent by Dubai Investments and 30 per cent by Union Properties, announced plans to hand over 134 townhouses and 16 duplex apartments in stage 2 & 3 of its Green Community Dubai Investments Park - West Phase III project, by the end of 2017.

Majid Al Futtaim, a leading shopping mall, communities, retail and leisure pioneer, announced plans to develop an all new, mixed-use community in Dubai. The developer also announced a number of strategic updates to existing projects across the region, including Oman and Lebanon.

Updates included Sharjah Al Zahia's plan to launch the second release in its third neighbourhood, Al Lilac, this month. The release will comprise 61 four and five-bedroom villas. Majid Al Futtaim also announced that construction of the Dh2.6 billion City Centre Al Zahia, which is on track for opening in late 2020.

RAK Properties announced the launch of Hayat Island, a fully-integrated, mixed-use development spread over six million square feet. There will be a total of 2,457 apartments comprising 1,152 one-bedroom units, 985 two-bedroom units and 320 three-bedroom units.

Baroness Michelle Mone OBE and Doug Barrowman stole the limelight with the launch of the first ever £250 million Dubai property development -- Aston Property Ventures - to be priced in Bitcoin. Developers said the initial tranche of 150 apartments is, for the first time, available to the cryptocurrency community to buy directly from the property developer in Bitcoin.

Saudi developer, Artar Real Estate Development, is showcasing its 36-storey luxury residential tower, Mada Residences, opening in Downtown Dubai in  2018, and the spotlight this week is firmly on the property's Signature Collection of nine 4-bedroom apartments.

Besides bargain offers and other promotions schemes, certain developers, including Jumeirah Golf Estates, are offering affordable luxury apartments and townhouses on a 30/70 payment plan. The plan can be broken down into five per cent on booking, one per cent every month during construction, two per cent for the last installment before handover, and finally 70 per cent on handover.

Other attractive promotions include a 10 per cent discount off on all off-plan sales for apartment units at RKM Durar Properties' two-tower residential project, J One, located in Burj Khalifa District. Aldar is offering 1, 2 and 3 bedroom units that start at Dh480,000, while Tiger Properties' O2 located in Jumeirah Village Circle, is being offered at prices starting at Dh380,000 and go for a monthly rate of 1.5 per cent.  

Deyaar's Midtown project is being offered at prices ranging from Dh480,000. On top of this, the developer has a 10/90 pricing plan available for down payments, and mortgage payments as low as Dh1,398 per month.

Tom Rhodes, exhibition director at Cityscape Global, said the exhibition "is unmatched as an event that draws in the region's real estate powerhouses" as well as quality visitors that encompass the whole spectrum of the industry; from architects and brokers through to investors and end-users.

- issacjohn@khaleejtimes.com