Emaar Properties, Dubai's largest property firm, launched a $3 billion development in Erbil, the capital of Iraq's Kurdistan region, on Sunday.

The "Erbil Downtown" project is due to be completed in three stages over a period of around five years, or potentially sooner if market conditions are favorable, the company's chairman said.

"It will touch around $3 billion," Mohamed Alabbar told reporters when asked about the project's value.

The development will cover an area of 541,000 sq m near the city centre and include residential apartments, hotels and a shopping centre.

Kurdistan has largely managed to insulate itself from the violent instability that has afflicted the rest of Iraq and has attracted foreign investment, particularly in the energy sector.

Emaar, which reported a 50 percent rise in its third-quarter net profit last week, has expanded in the region after a property market slowdown in Dubai, which followed the global economic crisis.
 

Meanwhile, Emaar has commenced pre-sales registration for the luxurious homes in the project named Claren.

The integrated lifestyle development will create a new iconic city centre and serve as a world-class lifestyle and business destination, said a statement.

Claren features two 27-storey towers assuring spacious and luxurious living. “The towers are exceptional for their architectural elegance, created with a spacious design, allowing maximum natural light to fill the rooms,” it said.

The residential towers will have only 276 apartments that will give a new dimension to urban living, away from the bustle of the city and in the soothing ambience of green walkways, parks, fantastic water features, and thriving retail and hospitality components.

The Claren homes overlook a vibrant boulevard with retail stores and F&B outlets.

Potential investors can register online for the first homes in Claren at www.emaar.com. Registration is open for investors from across the region including the GCC, it said.

They can also register interest at the Downtown Erbil sales centre from October 28. - TradeArabia News Service