Wednesday 19 December 2018

Top 10 projects 'add $21bn into UAE construction market'

DUBAI, October 16, 2017

The top 10 ongoing projects in the residential building sector are contributing an estimated $21.6 billion to the UAE construction market, said a report released ahead of The Big 5 expo in Dubai.

The region's leading construction expo, The Big 5 will run from November 26 to 29 at the Dubai World Trade Centre featuring some of the top international and local industry professionals.

Six out of the 10 listed projects are being developed in Dubai, with others adding great value to emirates such as Abu Dhabi, Sharjah and Ras Al Khaimah, stated the report prepared by the BNC Network for the big construction event.

The key UAE residential projects in order of estimated value are:

*The Villages - Dubai South: The $6.8-billion residential villages stand at the top of the list in value. With completion estimated in late 2022, the five community-based settlements will feature around 20,000 units. The project will also include educational, retail, and healthcare facilities in addition to a botanical garden and farms.

*Aljada Residential City - University City: With a completion date of early 2025, the $6.5-billion Sharjah-based project involves the construction of a mixed-use development spread across 2.2 million sq m. As well as an exclusive business park which will be built for the community, the central district will feature a children’s adventure complex, skate parks, an extreme sports centre and more.

*Jebel Ali Gardens: Valued at $2 billion and due for completion in early 2020, the mixed-use development from developer Nakheel will include 42 buildings and three mosques accommodating a total of 3,000 people. The project will also include 102,193 sq m of green, landscaped parks.

*Mina Al Arab: The Ras Al Khaimah-based project is expected to be completed in the third quarter of 2019. Valued at $1.3 billion, plans include beach and waterfront apartments, villas and townhouses with a private beach clubhouse, dining and entertainment venues.

*Entisar Tower: With an estimated completion date of mid-2020, the Entisar Tower is the only listed project to feature a boutique hotel – which will offer 444 services apartments. The mixed-use tower will stand 113 floors tall and alongside the hotel will house office and retail spaces. The project will also include a spa, indoor running track and tennis courts, multiple pools and Sky Gardens.

*Meydan Heights South - Nad Al Sheeba 1: The $800 million community has the earliest estimated completion date and will accommodate the general public as well as Emirates Airline pilots. The total 720,000 sq m covered will support 2,200 two-storey villas.

*The Residences - Marina Gate: Due for completion in late 2019, the $796 million projects involves the construction of three residential towers offering a total of 1,200 units. Tower 1 and 2 offers 881 residential apartments, 19 Penthouses and 18 duplex Marina Villas.

*North Wathba District - Phase 1: The project in Abu Dhabi, valued $794 million, involves the construction of a mixed-use development which will support 240 villas, three neighbourhood mosques, a dedicated Friday mosque, three schools, four neighbourhood parks and a retail community centre.

*Staff Village - Dubai Logistics City (DLC): Estimated to be completed by the close of 2018, the project involves the construction of 152 residential complexes reach comprising a basement level, a ground floor, mezzanine floor and five additional floors that will accommodate 52,000 staffs.

*Villa Complex - Al Helio 4: Worth $750 million, the Ajman-based community project will consist of 1,504 villas each comprising a ground floor and 2 additional floors. The complex will offer a choice of two, three, four and five bedroom villas.

Portfolio exhibitions director for The Big 5, Josine Heijmans, pointed out that Dubai alone accounts for over half the recorded developments in the UAE.

"With the UAE itself making up approximately 45 per cent of on-going builds in the GCC, there is increased demand for the products and solutions that will be on show at The Big 5 next month," remarked Heijmans.

"The over 2,500 construction industry suppliers coming to the exhibition from around the world have been attracted by the growing market in the region, and the potential which it offers," he added.-TradeArabia News Service

Tags: UAE | expo | Big5 | Construction market |

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