x Abu Dhabi, UAEWednesday 26 July 2017

Arabian Ranches developer to expand Dubai project

The developer of the Burj Khalifa yesterday said it would start marketing pre-construction villas in its new project, named Rosa, this week due to growing demand in the emirate.

Emaar Properties will expand its flagship Arabian Ranches villa project in Dubai by building a further 144 Spanish-style homes on an adjacent site.

The developer of the Burj Khalifa yesterday said it would start marketing pre-construction villas in its new project, named Rosa, this week due to growing demand in the emirate.

The Rosa project is understood to be located outside the main Arabian Ranches development, opposite the Palmeira district and close to Emaar’s planned development of 197 Moroccan-style “Casa” villas, which it started marketing a year ago.

Both the Arabian Ranches and Rosa projects are believed to be located on a plot of land bought from Dubai Properties Group (DPG) in July last year. The plot of land was part of DPG’s massive Dubailand masterplan, but it has since been incorporated into an Arabian Ranches extension.

The two projects will be linked to the main development via an extension to the Al Qudra Road.

Emaar said it would be opening online registrations for purchases of pre-construction homes at its Rosa development from 10am today and 11.30am in India.

Potential buyers who receive email confirmations from Emaar will be able to attend sales events on Saturday in Dubai and Abu Dhabi or a showcase event in Mumbai.

“Demand for villas has gained tremendous strength with Dubai, further underlining its credentials as the region’s business and tourism hub,” said Ahmed Al Matrooshi, Emaar Properties’ managing director.

The developer said the Rosa project would include a central park, a community centre, health and fitness facilities, day-care centres, mosques, and educational institutions.

“We expect these properties to sell for around Dh1,500 per square foot, which would actually be a premium to existing property in the project,” said Mario Volpi, Prestige Real Estate’s managing director.

Emaar has stepped up sales launches at and around Arabian Ranches over the past year.

In September the company sold 121 off-plan Spanish-style Palma villas. That followed the launch of 188 townhouses in Al Reem between Arabian Ranches and Global Village, which prompted a rush by buyers to purchase pre-construction homes marketed at less than Dh1 million.

Last November, Emaar launched 253 off-plan Casa villas next to the project.

The developer last month reported that the total value of its property sales in Dubai for the first nine months of the year exceeded Dh9 billion – a near threefold surge from the same period last year.

The sales of off-plan projects such as Arabian Ranches and Downtown Dubai accounted for the majority of the sales revenue, Emaar said.

In the first half of this year, more than 250 new mortgages were issued for homes in Arabian Ranches. They have a total value of Dh722m, an average of Dh2.8m per property, according to data from the research company Reidin.

lbarnard@thenational.ae