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Worst is Over for Property Market in Dubai: Pearl Dubai Chief
DUBAI — Pearl Dubai Chairman Abdul Majeed Al Fahim believes the worst is indeed over for the property market in Dubai. Prices and demand in the stricken sector will stabilise and reach healthy levels in the near future, he says, as the global recession — which has battered even the emirate’s biggest property developers — starts to recede.
“We are in the year of volatility, while next year will be a year of stability, and we can see prosperity in 2011,” Al Fahim told Khaleej Times recently in an interview. “We have touched the bottom in certain areas, but some areas are still better. For properties, it depends on location.... But I believe the recovery is not too far.”
Pearl Dubai is the consortium of investors developing Dubai Pearl, a mixed-use luxury development designed to be one of Dubai’s signature property projects.
Budgeted to cost Dh15 billion, Dubai Pearl will overlook the man-made islands of The Palm and The World and offer views of the Burj Al Arab hotel upon completion. The project will combine apartments, offices, shops, hotels and restaurants, together with cinemas and a 2,000-seat performing arts theatre. The consortium, led by the Al Fahim Group, aims to create an environmentally-friendly community in the process.
Construction began in 2007, and half of the project’s foundation has now been laid. The first units are expected to be built and ready for handover by the end of 2011.
It’s a tall order, given the project’s expense and the challenging market conditions. But Al Fahim is a determined optimist. Here are some excerpts from the interview.
Your estimated completion date for the four towers is December 2011. What would be the expected date for the completion of rest of the project?
The handover of properties will start in 2011. Other components such as the hospitality units will require more time for the fit-outs and the operational aspects to be functional. This could probably be achieved in 2012-2013. Completion of other individual components may depend on the design and the complexity of the work involved.
What will be the main components of Dubai Pearl?
The iconic towers -- four 73-storey towers with sky palaces linking the four towers from the top — will include commercial and residential space as well as hotels. The podium area will include branded residences, open spaces, walkable areas, F&B outlets, theatre, and retail outlets.
How many well-known brands do you have at your project, including hotels and residences?
We have so far announced partnerships with the Baccarat Hotel and Residences, MGM Grand, Bellagio Hotel and Residences and the Skylofts. We are currently in discussion with several leading global brands for two more hotels.
Are you planning to launch any additional projects?
At the moment, we are entirely focused on completing Dubai Pearl and on delivering a truly iconic landmark project. Following the delivery of Dubai Pearl, we will consider launching new projects.
Have any of your buyers at Dubai Pearl defaulted on their payments?
There is some delay in payments, but fortunately, there is no default.
Do you have any plans to offer incentives to attract buyers to your project? Emaar and Deyaar are offering flexible or deferred payments plans to buyers at their projects.
We are quite different from these big developers, as we have only one project and cannot offer people (a stake in another) project like them. The most important thing is that to some extent we are going ahead of the schedule.
How much space have you already sold?
We have sold over 60 per cent of the offices and some of the residences in the tower. Dubai International Financial Centre has bought one of the towers. We have stopped selling space since October 2008 and will restart at an appropriate time.
Is this project only for very wealthy people?
No, this project is for everybody. And it will appeal to media and technology people, as we are close to Media City and Internet City.
Have you seen any pick-up in sales during the past few months that might be a sign of a possible turnaround in the market?
We have sold all the specific units launched in 2008. No further units have been released for sale.
When can we expect to see peak-level prices again for properties in Dubai?
I do not know if we will reach the peaks that we saw in 2008 anytime soon, but the market will definitely stabilise and reach healthy levels soon.
After Dubai Pearl, will there still be a market in Dubai for massive new luxury developments? Or could yours be among the last of an era of grandiose projects hatched during Dubai’s property boom?
Dubai Pearl is an unrivalled luxurious development that will be hard to replicate.... However, we are confident Dubai will continue to live up to its reputation of launching master developments that set challenging benchmarks in the global real estate sector.
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