Emaar Properties will begin selling property in its latest development - the Dh12 billion (US$3.3bn) Mushrif Heights - on Aug 23. The project, located close to Al Awir, will be spread across 4.9 million square metres and include a combination of villas, townhouses and apartments as well as a school, mosque, retail outlets and leisure facilities.
Emaar, which recorded first half net profits of Dh3.3bn, said that the development would incorporate walkways, parks and landscaped gardens into the design, aimed at creating an "eco-friendly" living environment. . With its location on the outskirts of Dubai, Mushrif Heights is billed as "an ideal getaway from the hustle and bustle of the city". "Mushrif Heights is part of Emaar's commitment to this social responsibility, and we are creating a new eco-friendly community where the focus is on integrating everyday living with the natural environment," said Ahmad al Matrooshi, the managing director of Emaar Properties.
Other projects announced by Emaar so far this year include Stand Point, Burj Palace and The Mansion - all at its Downtown Burj Dubai development - and Asmaran, a mixed-use project at Bawadi in Dubailand. Emaar reported healthy profits for the first half of the year, but it was cited in a Morgan Stanley report released last week which warned that the UAE's property market was overheated and could contract in some sectors by as much as 10 per cent.
The Arab world's largest property developer saw its stock drop to a 12-month low on Aug 11, continuing a slide that started at the beginning of this year, after it peaked at Dh15.70 on Jan 6. The share price has fallen about 37 per cent since then. But the company expects between 60 and 70 per cent of its revenues to be generated from overseas projects by 2010. It is ploughing Dh367bn into international property ventures in India, Saudi Arabia, Morocco, Turkey and Syria.
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