Dubai-based Reef Real Estate has launched a new residential project called Reef Towers in Jumeirah Village Circle.
The 38-storey tower will be located on the periphery of the community, adjacent to the Els Club Golf Course at Dubai Sports City, the company said in a statement.
Reef Towers will comprise of 378 units, with a combination of studio, one and two bedroom apartments. It will also have seven retail units.
The company did not disclose the value of the project.
“The growing demand for good quality affordable residential properties in Dubai is what prompted us to conceptualise Reef Residence,” said Ahmed Al Mansoori, CEO, Reef Real Estate.
“The tower is designed with the up-and-coming address in Dubai in mind and will appeal to investors from around the world looking for a stable investment.”
Reef Real Estate has appointed Gulf Technical Construction Company, a subsidiary of Drake & Scull International, as the project’s main contractor.
Reef’s portfolio of completed projects include the Medina Tower residential project and the Reef Tower office building in Jumeirah Lake Towers, along with Crystal Towers in Business Bay.
Dubai’s residential property price growth has stabilised over the last year, leading to more moderate quarter-on-quarter growth.
According to the latest report by consultants JLL, residential rents grew 15 per cent in 2014 while prices rose 20 per cent.
The report forecasts that home prices in the emirate are likely to be subdued in the next 12 months due to new supply of 25,000 units.
Although the rate of property launches has slowed, optimism among developers has not entirely dampened.
Recently, Danube Real Estate launched its second Dubai project Glitz, which was claimed to have sold out within a day of launching sales, signalling strong investor interest.
The market has also seen new players entering the real estate industry to tap into Dubai’s more regulated growth.
Earlier this year, UAE-based hospitality firm The H holding launched a new real estate firm Omega Real Estates, which specialises in property development and asset management.