Signalling the beginning of Dubai’s property sector’s long awaited revival, a leading master developer said on Tuesday that it would go ahead with all its mega projects that have been stalled or delayed amid the financial meltdown.
Dubai Properties Group , or DPG , a pioneering community developer, said it would complete all projects it had announced as it saw a reemergence of investor confidence restoring vibrancy in the property market.
“We are more focused and determined now and have in place a clear roadmap to restart all projects that were put on hold,” said Khalid Al Malik, Group chief executive of DPG , a member of Dubai Holding.
DPG has delayed the construction of some of its mega projects following a steep fall in real-estate values, which have fallen more than 60 percent in Dubai and 45 percent in Abu Dhabi from 2008 peaks after the global credit crisis caused banks to curtail lending and speculators left the market.
DPG , which has one of the largest fully integrated real estate and community development businesses in Dubai, encompassing residential, commercial, staff accommodation, retail and property management, also offers destination management and lifestyle management.
Speaking to Khaleej Times on the sidelines of the Arabian Travel Market, Al Malik said DPG ‘s landmark destinations attracted 20 million visitors in 2011. “This year, we are expecting a 10 per cent growth in visitor traffic to our destinations including Dubailand and The Walk at Jumeirah Beach Residence, hailed as the region’s popular beachfront promenade.
“Today, our destinations contribute greatly to the tourism offering in Dubai. Events such as the ATM help enhance the potential for increased visitor numbers to Dubailand and The Walk and give us a unique opportunity to update industry professionals on some of our most high profile destinations,” he said.
Al Malik said all its destinations, also including Business Bay and Bay Avenue, will continue to contribute to the success of Dubai as a top tourist destination and each attract record numbers of local and international visitors. He said the DPG would continue to support the growth of Dubai with diverse and groundbreaking communities and destinations. Launched as Dubai Properties in 2004, it has changed the landscape of Dubai with innovative mixed-use master developments and destinations catering to diverse lifestyles. In 2008, the company diversified to include real estate development, comprehensive property services and engineering, under the umbrella of Dubai Properties Group . A year later, DPG realigned its business to incorporate the portfolios of Dubai Properties, Sama
DPG ‘s stand at ATM features a whole host of Dubailand attractions, including the Els Club at Dubai Sports City, Autodrome at MotorCity, Outlet Mall, Al Sahra Desert Resort and Global Village as well as projects under development such as City of Arabia, Dubai Lifestyle City and Palmarosa.
Khaleej Times
