Dubai's leading real estate developers are placing a huge weight in the delivery of projects, following a spate of high profile announcements.
With the resurgence in property prices over the past 18 months, a host of projects have been brought to the Dubai market as demand drives a second phase of development — but there is also a great deal of building work taking place in the city. Buyers are returning to the market in big numbers, with more stringent and protective legislation providing reassurance and confidence in the market.
The Dubai Statistics Centre recently announced that 736 buildings were completed in Q1 2013, a 6.6 per cent increase compared to the previous quarter, with a value of Dh3.73 billion, against Dh3.5 billion. The report also indicated that multi-story buildings had the largest share of the delivery in Q1 2013, making up 39 per cent, with a value of Dh1.44 billion, against Dh1.34 billion in Q4 2012.
"It can't just be announcements; it is critically important to show action and consistent progress,” said Ziad El Chaar, MD at Damac Properties. "Dubai will define its global position in the coming couple of years as international investors watch the speed of delivery for these major projects.”
"Alongside a prime location and a luxurious living environment, delivery timelines is now one of the top three deciding factors for any buyer,” added El Chaar. "Clients want to look at your track record of delivery to ensure you deliver what your promise.”
Damac Properties has launched a number of iconic projects across the region in recent months, including a host of luxury serviced hotel apartments in the Burj Area of Dubai and Riyadh. In December 2012, The Distinction - a 195 metre, 53 storey, iconic tower in the Burj Area, was announced and in just six months the project has already passed the third floor of development. The luxury serviced hotel apartments will be completed by the first quarter of 2015.
At the start of last year Damac Properties announced Upper Crest – overlooking the world's largest tower and within walking distance of the world's largest shopping mall. The 44-storey tower is fully-furnished with serviced studios, one, two and three bedroom apartments. The project has already moved past the sixth floor and will be ready to handover by the end of next year. The company has also continued its development overseas, with DAMAC Esclusiva, its luxurious serviced hotel apartments tower in the heart of Riyadh.
Nearly 100 owners have taken handover this month at the Residence at Business Central, with people already living in the luxury private apartments with views across the Burj Area. More than 50 clients in June have also taken handover of their new units in The Signature – Damac Properties' first luxury serviced apartments unit to open, which will be managed by Damac Maison. Across the road from Dubai Mall, The Signature is a stunning development in a prime location, offering the most opulent interiors and unrivalled customer service.
Damac Properties has already completed 8,890 units to date, with a further 5,193 units to be completed before the end of the year – 2,810 of which will be serviced hotel apartments, positioning the company as one of the largest hotel apartment operators and developers in the world.
From Khaleej Times