Dubai developer Emaar Properties has announced the launch of a new Dhs25bn($7bn) project on the Dubai-Al Ain road called The Valley, targeting mid-income investors.
Along with residential units, the mixed-use project will offer retail, entertainment, recreational, educational and health facilities.
Eden, the first cluster of townhouses, is due to be ready by the fourth quarter of 2022, offering three- and four-bedroom villas in three architectural styles – Spruce, May Bell and Iris.
The property will house a town centre – a central hub with indoor and outdoor retail and entertainment facilities, an urban beach and a sports village, the statement said.
The masterplan will be supported with improvements currently taking place on the Dubai-Al Ain Road, taking it from three to six lanes, as a part of the Dhs2bn upgrade announced in July of this year, Emaar added.
The project draws its name from the green patch that runs through the length of the development, connecting its residents with open spaces.
Mohamad Alabbar, chairman of Emaar said: “We are attuned to the future trends of the property market and look forward to building the city’s first-ever self-contained town.”
Despite the slump in Dubai’s property market, Emaar has continued to launch new projects in recent months.
The developer also recently posted a 20 per cent year-on-year rise in net profit for the third quarter of the year to reach Dhs1.3bn, with revenues growing 14 per cent during the period.
“The growth is attributed to the continuous interest from foreign investors in both residential and commercial developments as well as new, first-time home-buyers entering the UAE property market,” the company said at the time.