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Dubai: The proposed mall and other retail, hospitality and residential projects along the Dubai Canal will not only drive strong sales and rental demand, but will also be a boon to the neighbouring areas.
The Dubai Canal is already 61 per cent complete and once it rolls out, it will feature a shopping mall with a car park on top of it, a number of stores, restaurants and residential apartments.
The mall will be constructed at the entrance of the waterway, while about 200 retail outlets and restaurants, and 211 residential units will be built on both banks. There will also be waterside walkways, four residential towers connected to Safa Park and 948 hotel rooms.
Property experts said the planned developments around the Dubai Canal will provide a number of economic benefits for Dubai.
“The immediate area of the canal extension is likely to benefit greatly from this development. The catchment area includes Al Wasl, Jumeirah, Business Bay, Downtown Dubai, Al Safa, Um Suqeim, Al Quoz and Satwa,” said Declan King, director and group head of real estate at ValuStrat Consultancy.
There are about 167,000 residents living near the Dubai Canal project. With the proposed residential projects, an additional 22,000 people are expected to be accommodated.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai inspected the Dubai Canal project on Saturday and was briefed on the accompanying developments that will be built on an area of 4.68 million square metres.
“The physical amenity of the proposed development, with its waterside walkways and iconic architecture, is sure to lend further to the appeal of the locality. The extension of the canal will provide a genuine navigational route from Business Bay to the Gulf,” King told Gulf News.
The hospitality offerings, however, are likely to face the same downward trends in hotel occupancy levels and room rates that have been apparent in the Dubai market since 2014.
“We anticipate strong sales and rental demand for the residential components of this project – subject to market conditions at the time of launch. Sales demand would be heightened in the event that freehold ownership is offered to foreign nationals.“
Dubai’s property market is experiencing a slowdown as investor interest drops and rental values post modest increases. The market is still attracting buyers, with real estate transactions exceeding Dh267 billion last year.
Source: Cleofe Maceda, Senior Web Reporter, gulfnews.com