Select set to deliver 1,700 residential units
Dubai, December 5, 2011
Select Group, one of the largest private real estate companies in the UAE, said it is poised to deliver over 1,700 residential units in three projects at Dubai Marina.
The three projects which are in handover phase include the 684-unit The Torch, the world’s tallest residential tower; the 365-unit Botanica, which boasts the only sky garden in Dubai’s real estate sector; and the Bay Central, a three-tower podium development with a total of 735 apartments.
The developer said the cumulative value of the three projects is Dh1.85 billion ($503 million).
Rahail Aslam, chairman, Select Group, said: “There is no doubt, the property market in Dubai has gone through one of the toughest and challenging phases in the last two years with developers facing harsh choices of adjusting to the market conditions. The situation demanded patience and prudence and we now believe that Dubai’s real estate market is showing signs of an emerging momentum which should gather steam in the foreseeable future.”
He said the market will soon see a more sustainable growth cycle from increased demand and a slow down in quality supply resulting in increased valuations, yield compression, and take up in the rental market in the medium to long-term.
The potential of Dubai’s real estate economy in providing returns that are higher than the global average will kick start development activities in the medium to long term, he said.
Aslam said the handover of apartments at The Torch is already more than two thirds complete and nearly 440 residents have already moved in. “We are seeing an extremely positive response in all these three projects with a demand side resurgence making us state with confidence that we are regaining confidence on Dubai’s real estate market.” – TradeArabia News Service
More Construction & Real Estate Stories
- Asian skyscraper prices tower over rest of the world
- Tamleek opens new office in Dubai
- $29m allocated for Bahrain drainage projects
- Indian group plans $300m Bahrain Bay investment
- Drake and Scull awards key supply contract
- FCC wins $702m Doha metro line contract
- SPF Realty sees Dubai project success
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings