The projects - all announced on the same day late last year – are currently under construction by developers Al Habtoor, Al Taif Investment (a joint venture between Dubai Investments and Fujairah Investment Establishment) and the Omniyat Group.
Al Habtoor - one of Dubai’s largest conglomerates – has already started work on the Habtoor Polo Resort and Club (Dh993 million), the Metropolitan Hotel in Sheikh Zayed Road and Oasis Villas (worth a joint total of Dh 1.02 billion).
Plans for the resort and club include 162 luxury bungalows and a five star hotel with up to 136 rooms. At the heart of the resort will be a clubhouse, a state-of-the-art polo academy and a riding school equipped with 500 stables.
The four star Metropolitan Hotel will offer a total of 334 rooms and suites, while Oasis Villas is a residential development in Sheikh Zayed Road consisting of 74 villas.
Al Taif Investment has launched the Dh400 million Fujairah Business Centre project, consisting of two towers to include office space, residential apartments and a Marriott hotel. The towers, spread across a total area of 80,058 square metres, will include a 19-floor office tower, while the hotel will have 228 rooms and apartment units.
Established in 2005, the Omniyat Group was badly affected by the global financial crisis and its plans to build two apartment blocks in the Business Bay area and in Dubai Maritime City, funded by a consortium of high net worth individuals and financial institutions, are an indication that its confidence has fully returned.
Omiyat’s Chief Executive Mahdi Amjad rules out suggestions that these new projects may lead to an oversupply of business and residential properties, pointing out that while the property market has faced its challenges over the past ten to fifteen years, “The fundamentals of Dubai are very strong”.
And, as most Dubai real estate agents will confirm, the residential property market is likely to see ongoing expansion, as the UAE economy and employment figures continue to grow.