UAE developers are no longer merely announcing projects at realty exhibitions; they are now ensuring work starts on them at the earliest.
Union Properties, a Dubai-based developer, will commence construction on phase 3 of Green Community in Dubai Investments Park (DIP) by January 2015 with completion expected by June 2017, a company spokesperson told Emirates 24|7.
“We had unveiled the phase 3 of Green Community, DIP, at Cityscape 2014. However, we plan to do an exclusive launch once construction starts, which is expected in January 2015,” the spokesperson added.
Similarly, Abu Dhabi’s Tourism Development & Investment Company (TDIC) will commence work on Mamsha Al Saadiyat, a 1.4 kilometre beachfront mixed-use project in Saadiyat Cultural District, by year-end, a company spokesperson told Emirates 24|7.
In August, EC Harris, a consultancy firm, said the value of announced and planned construction projects in the UAE is expected to hit AED1.2 trillion ($315 billion) in 2014.
Driven by a number of mega projects and increasing social infrastructure spend, the construction market in the emirate is expected to return to near full capacity, the consultancy said in August.