Emaar Properties is to unveil an “extraordinary” Dh200 billion ($55 billion) megaproject in Dubai, set to house nearly 150,000 residents.
The master plan, spread across more than 4.5 million square metres, will feature residential towers, villas and mansions, Grade-A commercial offices, shops, luxury hospitality and other amenities, Emaar said on Thursday.
The location has yet to be revealed but Emaar said views of Burj Khalifa, Burj Al Arab and Palm Jumeirah will be on offer.
The master plan includes an “exclusive gated villa enclave” with five and six-bedroom houses and mansions “offering private gardens, cascading water features and resort-calibre amenities that surpass anything previously delivered in Dubai”, the company said.
“What we are about to reveal is our most extraordinary dream yet,” said Mohamed Alabbar, founder of Emaar Properties. “This development reflects our deep confidence in the future of the UAE.”
Dubai’s property market, which was booming at the start of the year, has largely weathered any fallout from the Iran war.
In the first quarter of this year, transactions hit Dh252 billion, a 31 per cent annual increase, Dubai Media Office reported, quoting data from the Dubai Land Department. A total of 60,303 property transactions were signed during the period, a 6 per cent year-on-year rise.
Emaar, one of the largest developers in the Middle East, also reported a near 35 per cent annual increase in first-quarter profit to about Dh5 billion on the back of increased sales.
Revenue for the quarter rose 23 per cent annually to Dh12.4 billion, while sales reached Dh22.4 billion, up 16 per cent, driven by rising demand and new projects in the UAE. Revenue backlog by March 31 stood at about Dh163.4 billion, an increase of 29 per cent year-on-year.
Emaar said the new project, set to be unveiled “imminently”, will have five zones – a business hub, an urban district, a “cluster” for young families, a family living zone and the exclusive villa enclave.
Designed as a 20-minute city, it will have potential to be linked to the Metro and feature smart mobility infrastructure, intelligent building systems and digital connectivity. It will also have schools, healthcare facilities, mosques and cultural venues.
A park will feature sports courts, lawns for events, water parks, beaches and outdoor wellness zones.
Emaar’s master plan land bank includes about 600 million square feet of mixed-use development options, of which about 317 million are in the UAE. “This land reserve is strategically positioned to support the group’s ongoing expansion and long-term value creation for its shareholders,” the company said in its latest earnings report.
Last month, investment company Dubai Holding became the largest shareholder in Emaar Properties after acquiring a 22.27 per cent stake in the developer from the Investment Corporation of Dubai (ICD).
Dubai Holding’s total stake in Emaar has increased to 29.73 per cent, the developer said in a statement.