The Dubai property market received a cautious vote of confidence yesterday when the developer Dubai Properties Group (DPG) announced it was restarting work on 348 villas and townhouses in its Mudon scheme in Dubailand.
Yesterday, the developer said it would complete work on the first phase of its Mudon project, located 15 minutes' drive from central Dubai, within the next 18 months.
DPG, a subsidiary of Dubai Holding, said it was pressing ahead with the scheme of "affordable upmarket" villas in response to "recent reports indicating that demand for quality villas in prime locations remains strong in Dubai".
In July, research from the property services firm Jones Lang LaSalle revealed an improvement in Dubai's villa market with sales in the year to May increasing by 21 per cent compared with a year earlier and 9 per cent higher than early 2008 levels.
"This is a clear confirmation of the market recovery and Dubai Properties Group's commitment to play an important role in the real estate development of Dubai," said Khalid Al Malik, the DPG chief executive.
"Our immediate priority is to delivering this first phase to retail investors."
DPG added a third of units and infrastructure in the first phase area were already partially completed.
The company originally launched the scheme, which means "cities" in Arabic, at the top of the market in October 2007 amid plans for a total of 3,200 villas and 8,500 apartments within a 73 million square feet project.
The scheme was intended to house up to 50,000 people in five districts named after cities in the region - Baghdad, Beirut, Damascus, Cairo and Marrakesh. It was just one of a spate of master-planned neighbourhood developments in the Dubai area that ground to a halt.
Craig Plumb, the head of research at Jones Lang LaSalle's Middle East and North African operation, said the announcement was a sign of confidence in the villa market, which currently makes up 20 per cent of the Dubai housing market and 22 per cent of the 41,000 dwellings now under construction.
"This is not a one-off," said Mr Plumb.
"We are starting to see other developers in Dubai also pressing ahead with similar schemes. Over the next few years we expect to see a change in Dubai's housing mix with more villas being built as demand continues and developers press ahead with schemes which leave them less exposed to market conditions."
[ lbarnard@thenational.ae ]
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
COMPANY PROFILE
Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
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On sale: now
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
STAGE 1 RESULTS
1) Tim Merlier (Soudal-Quick-Step), 3h 17’ 35”
2) Caleb Ewan (Lotto Dstny) same time
3) Mark Cavendish (Astana Qazaqstan Team) same time
General Classification:
1) Tim Merlier (Soudal Quick-Step) 3:17:25
2 - Caleb Ewan (Lotto Dstny) +4"
3 - Luke Plapp (Ineos Grenadiers) +5"
Killing of Qassem Suleimani
SPECS
Engine: 1.5-litre turbo
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THE SPECS
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
SPEC SHEET
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Memory: 8/16/24GB
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I/O: Thunderbolt 3 (2), 3.5mm audio, Touch ID
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Camera: 1080p FaceTime HD
Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)
Colours: Silver, space grey, starlight, midnight
In the box: MacBook Air, 30W or 35W dual-port power adapter, USB-C-to-MagSafe cable
Price: From Dh4,999
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Three ways to boost your credit score
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The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
The Roundup : No Way Out
Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
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Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final