|By Arabian Post Staff| Dubai’s Al Ghurair Properties has announed a series of new devlopment projects worth AED 5 billion, which is expected to add new impetus to the Dubai property sector.
The plan envisages the construction of 58 distinctive residential projects of new age homes with high quality infrastructure, the company said in a statement. The statement cited real estate agency, JLL MENA, findings that as a result of Dubai’s improving economy, the real estate sector is set for an upward trajectory.
The AED 5 billion developments will comprise of 58 buildings in a sustainably built layout that will include 8,000 residential units and 350,000 square feet of retail units. The projects will be developed in various areas in Dubai, including; Deira, Bur Dubai, Al Barsha, Al Qusais, and Al Warqa district. The developments aim to strengthen the socioeconomic fabric of the emirate by delivering quality living and commercial spaces.
Al Ghurair Properties said its projects are built as per the latest green building codes and come with energy efficient fittings to conserve power. The company will also offer quality amenities and maintenance services.
Commenting on the launch, Sultan Al Ghurair, CEO of Al Ghurair Properties, said, “We started these projects with a focus on revitalizing the housing segment in Dubai. We identified an upward trend in the present residential market and are currently aiming to optimize the positive turn.”
“Furthermore, these projects reflect Al Ghurair Properties’ in-depth understanding of the market needs and our commitment to providing the type of residential destinations that support the creation of a healthy real estate market in the Emirate”. Concluded Mr. Sultan.
The projects’ infrastructural work began earlier this year, with the first building due for completion by the end of 2017. The remaining 57 projects are scheduled for completion by Q4 of 2020.