Emaar Properties’ new Dh25 billion The Valley project on the Dubai-Al Ain Road will contain more than “4,500 residential units spanning an area of 200 hectares”, its chairman Mohamed Alabbar said.
The project, which is being launched on Monday, will get under way with a community of 380 three- and four-bed townhouses, the developer added. The first cluster of these is set to be delivered by the end of 2022.
"The Valley will be Dubai's first-ever self-contained town where the infrastructure fosters social cohesion and authentic interaction," Mr Alabbar said in an emailed response to questions from The National. The site will have more than five major amenities, including an urban beach, adventure hub for kids, active hub for sports enthusiasts, and a "Valley Pavilion" area with supermarkets, retail units and early education centres, he added.
"We are really enthusiastic about the planning of this master plan. It reminds me of when we initially started to develop Arabian Ranches, one of our most successful communities. I would go as far to say that The Valley will be the Arabian Ranches of the future," Mr Alabbar said.
Emaar Properties is Dubai's biggest developer, having delivered more than 59,000 new homes since 2002. The company also has a land bank of 1.48 billion square metres.
Last week, the company reported a 20 per cent increase in third quarter net profit to Dh1.33bn as revenue rose 14 per cent to Dh6.08bn. Revenue for the nine-month period edged up 1.4 per cent to Dh17.6bn and profit rose 2.3 per cent to Dh4.44bn.
The results were achieved despite continuing declines in both sale and rental prices in Dubai, as investor concerns of an oversupply in the market continue to mount.
A total of 20,978 residential units were completed in the first half of this year, according to industry portal Property Finder. An additional 38,426 residential units within 152 projects that have at least an 85 per cent completion status as of July, are scheduled to be delivered by the end of the year.
Last month, Hussain Sajwani, the chairman of rival developer Damac Properties, said Emaar Properties was the main culprit in terms of oversupply, arguing that it continued to dump properties on the market even as others cut supply.
Mr Alabbar said the developer was “attuned to the future trends of the property market and looks forward to building the city’s first-ever self-contained town”.
Emaar Properties said The Valley would be aimed at the mid-income residential market. "Traditionally, Emaar buyers have been a strong mix of local, regional and international investors," Mr Alabbar told The National.
“We anticipate The Valley to attract much of the same mix with a focus on local first-time home buyers who will find the development to be a compelling investment opportunity.”