Emaar launches another luxury project
Fairway Vista in Dubai Hills Estate to be ready by June 2021
By Parag Deulgaonkar
Published Sunday, May 15, 2016
Despite property experts and consultants pointing to a softening in the realty market, Emaar Properties, Dubai’s biggest-listed developer, is continuing to launch new projects.
The latest from its stable is a luxury villa project in Dubai Hills Estate – the new avatar of its popular Emirates Hills.
The ‘Fairway Vista’ consists of 65 six and seven-bedroom villas with plot sizes ranging from 11,000 to 12,000 square feet. The total built up area is between 8,286 and 9,212 square feet.
“The company presentation given to agents reveals that Fairway Vista is likely to be delivered by June 2021,” real estate brokers told Emirates 24|7.
According to the payment plan, investors can pay 60 per cent in three years and the remaining 40 per cent in two years after handover. Agents have waived off their commission.
Dubai Hills Estate within Mohammed bin Rashid City (MBR) City is jointly developed by Emaar and Meraas Holding. It will house 26,400 residential units and will have its own rail line connecting to the emirate’s two international airports.
The master development will have over 2.2 million square metres of green areas that includes the golf course and a central park. It will have a mall, community retail areas, including a boutique mall for high-end brands, hospital, hotels, schools, tennis and sports centres, and a seven-kilometre boulevard. There will also be 45-kilometre trekking trails.
The Dubai-bourse listed company has launched a number of new projects this year, which includes The Tower in the Dubai Creek Harbour, Sidra villa project in Dubai Hills Estates and 52/42 in Dubai Marina.
‘Scared’, but doing well
Emaar Chairman Mohamed Alabbar said in April 2016 he was “really scared” of market conditions coming into 2016 but their performance looked good in the first quarter 2016 after some “severe” cost cutting.
“We were really scared of 2016. Preparing for our cost budget, we basically went back to a cost budget base of two years ago, just to be cautious,” he said after the company’s annual general meeting.
Prices fall, fundamentals strong
In April 2016, Standard and Poor’s Ratings Services, global ratings agency, said though it expected property prices to fall by another 10 per cent by end of this year, but stated that lifting of sanctions on Russia and Iran, an oil price recovery and a weakened US dollar will strongly benefit the recovery of the property market.
JLL, a property consultancy, recently reported that property prices fell by 10 per cent in in the first quarter of 2016 and would continue to soften further. It, however, still maintains a long term positive outlook on the market.