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Dubai: Dubai Properties is to have a vastly upgraded operational role after its parent, Dubai Properties Group, the property development arm of Dubai Holding, made the transition to a holding company structure. The intention, according to the master-developer, is to be quicker in responding to market trends.
Under the new remit, Dubai Properties will be responsible for all of the Group’s new developments, as well as handle sales and handover. That apart, Dubai Properties will have access to in-house structural, engineering and business development divisions, according to a statement. There will also be specialist teams for sales and marketing.
“We made a strategic and logical decision to re-focus Dubai Properties’ (DP) remit to become a dedicated development company — this will increase our competitiveness in the market; facilitating quicker and more focused delivery for new projects,” said Khalid Al Malek, Group CEO.
The Group will also operate two additional businesses within its fold — Ejadah, which will specialise in asset management, and Masat, responsible for the “built-to-lease” property portfolio management. Other dedicated business units are to be set up.
“In the last 18 months, Dubai Properties has effected a major turnaround; a lot of this was by riding on the upturn enjoyed by its Business Bay master-development,” said Niraj Masand, partner at the consultancy Banke M. E.
“Recent projects where investor interest has been quite high includes Bay Square; office units there are averaging Dh1,200-1,250 a square foot and was quick to pick up demand for commercial space in Dubai. Residences there are now at Dh1,450.
“The impression is that Dubai Properties will be getting busy through the rest of the year with new projects.
“The developer has also been topping up its options at the JBR, with new retail components and that’s also been getting a lot of interest with their intended clientele.”
But there are also its vast land holdings in Dubailand and community-themed developments elsewhere in the city. These include Dubailand’s Mudon, Business Bay Towers (featuring two high-rises and including a hotel) and Maraya Residences in Business Bay, and the Culture Village master-development on Dubai Creek. At Mudon, the build-up of 450 villas in Phase Two is underway.
Source: Manoj Nair, Associate Editor, gulfnews.com