A rendering of the new CASA development.
Dubai’s Emaar Properties has launched a new Moroccan style villa development as an expansion of its master-planned community, Arabian Ranches, the company announced in a statement.
The new development, called CASA, will feature six types of Moroccan style three and four bedroom villas, a health club, a recreation centre and F&B outlets.
The launch of CASA is “testament to the positive growth of Dubai’s property sector, highlighted by Emaar recording sellout customer response to its three real estate launches earlier this year,” the statement said.
“This has been a historic year for Emaar,” said Ahmad Al Matrooshi, managing director, Emaar Properties.
“The further enhancement of Arabian Ranches reflects our growth strategy to develop residential projects that add value to our stakeholders. It will lend further impetus to Dubai’s real estate sector and will be developed to the highest world-class standards.”
The developer also said that it aims to further expand the leisure and lifestyle facilities in Arabian Ranches with plans for a large landscaped park, play areas and children’s recreation areas.
Emaar is also planning a new retail and community village centre to include a residents’ health and fitness club, mosque, schools, day care centre, grocery store and dining options.
Emaar said that sales of the CASA villas will only take place through pre-arranged appointments during the launch on November 24, 2012.
Earlier this week, the developer said that revenue from apartment sales increased to Dhs567 million in the third quarter of the year, up 210 per cent from Dhs183 million in the same period in 2011.
However, revenue from villa sales during the period reduced slightly to Dhs123 million from Dhs126 million a year-ago.
The company reported that net operating profit rose 29 per cent year-on-year during the first nine months of the year, to reach Dhs1.607 billion.