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Al Ghurair completes four Dubai home projects within $1bn portfolio

The Deira schemes are part of Al Ghurair Properties' plan to build 8,000 homes in Dubai by 2020

Al Ghurair has completed four of the 58 buildings that it plans to develop in Dubai by 2020 [image: Al Ghurair Properties].
Al Ghurair has completed four of the 58 buildings that it plans to develop in Dubai by 2020 [image: Al Ghurair Properties].

Dubai-based real estate giant Al Ghurair Properties said four projects are ready within its $1.36bn (AED5bn) portfolio in Deira, which comprises 58 buildings. Al Ghurair Properties, the real estate arm of Al Ghurair Investment, said the four projects include 236 homes.

These residential units comprise 93 one-, 107 two-, and 36 three-bedroom apartments. The homes are part of Al Ghurair Properties’ billion-dollar ambition to add 8,000 residential and 3.25ha of retail space to Dubai’s property mix.

In a statement, Al Ghurair Properties said its $1.36bn portfolio is due for full completion by Q4 2020. All master-planned and “self-sustained” buildings within the plan include amenities such as swimming pools and health clubs, and are developed to encourage energy consumption and efficiency.

Commenting on the latest completions, Al Ghurair Properties’ chief executive officer (CEO), Sultan Al Ghurair, said: “With our projects, we continue to relentlessly deliver world-class developments that support the UAE Vision 2021.

“We are guided by an objective of enriching the lives of the UAE residents, and to promote healthy and balanced lifestyle through innovative and urban developments.”

Residential real estate is noting high demand in Dubai from both local and international investors. This September, it was revealed that investors from mainland China had invested $720m (AED2.6bn) in Dubai’s residential properties last year.

Figures shared by property portal Juwai in its 2018 Chinese Global Property Investment report stated that these transactions followed the trend of Dubai being viewed “as a safe harbour” for foreign investors.

CEO and director of Juwai, Carrie Law, said at the time: “This year, we think Dubai’s reputation as a safe harbour from global political strife may lead to investment growth. In 2018, we expect investment to grow at a moderate rate, which is in line with Beijing’s goal of managed, rational overseas investment.”

 

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Construction Week - Issue 750
Sep 30, 2019