Emaar approaches contractors for two projects in Dubai
Emaar has announced plans to launch new projects in Dubai this year
It is very much possible the developer to restart previously shelved projects. Back in 2009, Emaar reportedly put on hold 13 projects due to lack of investors’ interest. The property downturn had forced many developers to allow investors who have already paid deposits to transfer them to developments that progressed ahead as planned. Therefore, few of Emaar’s Downtown projects have been shelved, including: M-Burj, The Mansions, Burj Place, Grand Boulevard, 18 Boulevard, Burj Park and Claren Phase 2 projects.
However, in 2012, real estate market prospects look much brighter in Dubai. With the economy in a steady recovery mode, positive media reports have encouraged investors’ return to the city. Property consultants and real estate brokers share observations that Dubai’s real estate market is gradually recovering. Many developers already restarted construction works on shelved projects.
“As part of Emaar’s growth strategy, the company has announced plans to launch new projects in Dubai this year,” Emaar said in an e-mailed statement today.
There are various projects in the planning and conceptual stage that the company will make public once the details are made final, Emaar said in the statement.