Al Ghurair reveals $1.4bn plan to build 8,000 homes in Dubai
Neighbourhoods where Al Ghurair Properties will develop these projects include Deira, Bur Dubai, Al Barsha, Al Qusais, and Al Warqa
UAE-headquartered developer, Al Ghurair Properties, has revealed key updates about its investment plans for Dubai.
The company's planned developments, worth $1.36bn (AED5bn), include 58 buildings featuring 8,000 residences and 3.25ha of retail space.
Neighbourhoods where Al Ghurair Properties will develop these projects include Deira, Bur Dubai, Al Barsha, Al Qusais, and Al Warqa.
Infrastructure works for the projects began earlier this year, with the first building due for completion by the end of 2017.
The developer did not reveal additional details about the projects' construction programmes, but stated that the remaining 57 buildings are scheduled for completion by Q4 2020.
All buildings will comply with the emirate's latest green building codes, and will feature fittings promoting energy efficiency.
Amenities and maintenance services will also be offered by Al Ghurair Properties.
Commenting on the company's plans, Sultan Al Ghurair, the chief executive officer of Al Ghurair Properties, said: "We started these projects with a focus on revitalising the housing segment in Dubai.
"We identified an upward trend in the present residential market, and are currently aiming to optimise the positive turn.
“These projects reflect Al Ghurair Properties’ in-depth understanding of the market's needs, and our commitment to providing the type of residential destinations that support the creation of a healthy real estate market in the emirate."
The developer's largest asset is Al Ghurair City, which comprises 343 apartments, 200 retail outlets, an office block, three car parking facilities, a cinema hall, and a food court.
Al Ghurair Hotel, a five-star luxury hotel with 428 keys, and Al Ghurair Living, a 192-key deluxe service apartment block managed by AccorHotels, are also part of Al Ghurair City.