Al Habtoor Group to launch $2.6bn projects in Dubai

WAM

Dubai-based Al Habtoor Group (AHG) will launch three residential projects in the emirate next year worth AED9.5 billion ($2.59 billion).

Khalaf Ahmad Al Habtoor, founding chairman of AHG, said the new projects include residential towers, one of which, in Al Habtoor City, will be the “largest in the world in size and number of apartments” and carries a construction cost of AED4.5 billion.

“It is a vertical community that caters to all lifestyle needs with over 20 amenities, including an infinity pool overlooking the Dubai skyline,” Al Habtoor said.

The second real estate project is a AED2.5 billion residential development in the Habtoor Grand Resort in JBR.

Al Habtoor revealed the third project involves the AED2.5 billion re-development of the Habtoor Tower in Dubai Marina, which will be replaced with a larger, ultra-luxurious residential tower.

He added that the expanded portfolio will be financed internally. 

“The UAE, in general, and Dubai in particular, has always been a safe haven for a multitude of nationalities, and we see it being safer than ever with all the enhancements making it the best place globally for investment and attractive returns,” he said.

Sales of off-plan and secondary properties in Dubai reached a 12-year high in the third quarter of this year, both in terms of volume and value, according to a report by Property Finder.

A total of 25,456 sales transactions worth AED69.72 billion ($18.98 billion) were recorded from July to September, marking an increase of 62 percent in volume and more than 65 percent in value, compared with the third quarter of 2021.