Emaar Properties has unveiled the master plan for its Dubai Creek Harbour, which includes the world’s tallest twin towers.
They form the centrepiece of a project designed to be three times the size of its vast Downtown development.
It will be developed in phases and in partnership with Dubai Holding. The first phase, called the Dubai Creek Residences, will be a cluster of six towers. Apartments in two of the six towers will be available for sale from Saturday. The first phase will also include retail elements, along with three hotels, including a Vida and Manzil-branded properties.
“The story of Dubai and the history of the creek are intertwined, it really tells us where it came from and which way we’re going,” said the chairman Mohamed Alabbar at a press conference held on site.
“This is the greatest spot in the world and it deserves something creative and special.”
Emaar did not disclose the capital cost of the project or its funding requirements.
The grand master plan will be three times the size of Downtown, home of the world’s tallest building Burj Khalifa.
Dubai Creek Harbour has been designed to accommodate 39,000 homes and 22 hotels.
Two towers that look like rocket launchers are expected to eventually form the centrepiece of the development. But it is not known when Emaar plans to develop them.
“When planning a project like this, you can’t look at 2015. It’s about the fundamentals of the city,” Mr Alabbar said.
Asked about whether the market can take the current construction boom, Mr Alabbar said: “I think all the stakeholders in Dubai in this business learnt their lessons and they have matured, the buyer, seller, bank and regulator. What it boils down to is supply and demand.”
Emaar is currently building in Dubailand, Dubai World Central and now Dubai Creek Harbour.
“We have a bandwidth issue, so we have a lot going on in the kitchen. It is like saying we’re running at full steam really day and night,” Mr Alabbar said. “We could close some ovens, turn some burners off. But we’re also in competition to be the main trusted supplier.”
Dubai apartment prices fell 1 per cent and villa prices lost 4 per cent at the end of September compared with the start of July as buyers struggled to meet strict loan to value caps imposed on mortgage loans by the UAE Central Bank, acording to Asteco, the property broker.
“We will continue to supply the market. It’s good for the customer and keeps the price at a reasonable level,” Mr Alabbar said. “But 2013 went crazy, the spikes scared me. Now I’m glad when I hear people saying the market is cooling down. I think it’s healthy. In 2013 people were hungry for real estate and it was going out of control.”
Mr Alabbar declined to comment on the status of Emaar’s project in the autonomous northern part of Iraq, Downtown Erbil, as Islamic State militants fight Kurdish rebels in the outskirts of the region.
Emaar’s initial public offering of its Egyptian unit is due for June he said, and more information on the hotels public share sale would be revealed within a month, he added.
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