Emaar Purchased A Piece Of Land From Dubailand DevelopmentMonday, July 30, 2012
According to Emaar’s spokesperson, Emaar has purchased a piece of land from Dubai Properties Group (DPG). The land is located besides its Arabian Ranches Development.
Though the firm did not disclose the value of the property yet it said that it would develop the stalled land into a mixed use neighbourhood for Arabian Ranches Development.
Dubailand was one of the prime and attractive developments in the Gulf that was announced when the property market was experiencing the crash. The project was originally planned to be twice the size of Walt Disney World and had a worth of AED 335 bn. Dozens of developers were involved in the project and it featured seven themed areas, residential developments and the largest shopping centre, the Mall of Arabia, was also planned.
The development was kept on hold after the financial crisis that collapsed Dubai real estate market. In June, local media disclosed that Emaar is in planning phase to announce a townhouse project in Arabian Ranches featuring 4,000 units of one and two storey family homes. Dubai that was once badly hit by economic downturn has started showing signs of recovery. Prices of the properties located in the good areas have also started to increase.
The cost of renting a villa in Emaar’s Arabian Ranches increased 16 percent in the second quarter and that is the largest increase quarter on quarter.