The project will be developed by Dubai’s Union Properties, along with National Properties, a unit of National Bonds Corporation.
The Dubai developer is maintaining sales prices at the same level as last year, confirms chairman Ali Rashid Lootah.
Reem Island showed the highest rise in prices for the second consecutive year in 2013, comprising around 30 per cent of online property searches.
The developer attributed the profit rise to the timely completion of projects and the handing over of finished units to customers.
The number of deals in Dubai rose 53 per cent from 2012, reaching a total of 63,652, according to the land department.
The new project, called The Boardwalk, will run across the whole of the existing crescent with a pier at either end.
The capital of the UAE has designated areas for property investment by foreigners.
Prices start at Dhs10 million and the plots can be used for residential, hotel or commercial development.
The project on Al Reem Island will house a five-star hotel and a residential tower, and will be built within three years.
Victory Heights handed over 75 per cent of its phase one villas in 2010 as Dubai recovered from a property crash.
Shares of Emaar climbed 103.7 per cent last year, helped by returning confidence in Dubai’s real estate sector.
The Spanish-themed villas will form part of the Arabian Ranches extension plan.
Nakheel was taken over by the government as part of a $16 billion rescue plan completed in 2011.
Construction of the project is expected to be completed within two years after awarding the contract.
The Dubai-based developer has promised customers free luxury cars as part of its Dubai Shopping Festival promotion.
Dubai developer is currently evaluating construction bids for the retail and entertainment complex.
Apartment prices at Burj Khalifa currently stand at Dhs3, 750 per square feet – a 50 per cent increase from February 2009.
The contractor denied media speculation about increasing its stake in Depa.
Massive government spending is driving Saudi Arabian real estate growth, says Dr. Tobias Plate, senior partner at Roland Berger Strategy Consultants Middle East.
Preparations for the 2022 FIFA World Cup are driving the Qatari real estate market forward, says Dr Tobias Plate, Senior Partner at Roland Berger Strategy Consultants Middle East
The developer reported the land sales in its Al Furjan and Jumeirah Village Triangle projects.
Recovery of UAE’s key real estate markets remains uneven with robust growth in sales and rental prices in Dubai and slower improvements in Abu Dhabi, says Dr. Tobias Plate, senior partner at Roland Berger Strategy Consultants Middle East.
The Dubai developer gained three per cent to reach Dhs7.57 at the close of trading, its highest since September 2008.
Qatar Investment Authority is holding “conversations” with Kotak Realty Fund, says source.
Dubai Marina topped the list of Dubai’s most searched locations to rent property in, according to propertyfinder.ae.
The firm won a deal for mechanical, electrical and plumbing work at the Mall of Qatar, which is now under construction near Doha.
As per the ruling, landlords can raise rents by 20 per cent if contracts are 40 per cent or more below average prices.
The builder said it would set up real estate development units in Dubai and Abu Dhabi.
Dubai’s office rental market growth is driven by the emirate’s favourable economic and investor-friendly conditions.
The conversion of all the bonds is estimated to lead to the creation of around 420 million shares.