Metac General Contracting has won the contract to build 84 townhouses and a new retail centre within the new development.
The state-controlled developer will repay 31 banks Dhs5.54 billion on Thursday, it said.
The new development, spread over 55 million sq ft, will include residential property surrounding a championship golf course.
Megaprojects in the pipeline and the ramping up of social infrastructure spend is boosting the market, says new report.
Dubai-based Ghantoot Road Contracting has won the contract to undertake infrastructure work in Al Furjan Phase 2.
Emiratis accounted for the largest share of investment in Dubai’s real estate market- almost double the amount invested by other GCC nationals.
The developer booked sales of $1.68 billion in the first half of 2014, up 75 per cent from a year earlier.
Hand-over of the first offices to customers in Emaar Square, a commercial development in Jeddah, is scheduled for 2016.
The hotel called ‘Suites in Skai’ had 234 hotel rooms, 234 one and two bedroom apartments and 33 penthouses for sale.
The plot spread across 55 million square feet of land is almost 30 per cent larger than Damac’s current biggest project Akoya.
Dubai’s real estate sector offers a number of medium to long-term investment options for foreign buyers, an expert says.
The contracts were awarded to subsidiaries of the interior contracting company.
The Dubai developer’s net profit was boosted by increased revenues from its malls and hospitality businesses.
The developer’s revenues amounted to Dhs149 million while total sales value reached Dhs234 million in the first six months of this year.
Revenue for the second quarter was Dhs2.19 billion, up 74 per cent year-on-year.
With 25 to 35 per cent of buyers in Dubai depending on mortgages, regulations that limit lending have been instrumental in easing the growth in luxury house prices.
The Royal Estate project, which was stalled in 2008, was relaunched this year as a joint venture between developers Aristocratic Star, PAL Developments and Pacific Ventures.
The developer is offering its investors an option to convert its Global Depositary Receipts (GDRs), listed on the London bourse into ordinary shares that would be listed on Dubai’s stock market.
The revival of the capital gains tax on Indians buying property overseas could have a knock on effect on Dubai’s residential property market, according to a real estate consultancy.
Growth in Dubai’s retail sector is stimulating demand for warehouse and distribution facilities, says report.
Real estate deal value in Dubai fell to Dhs52 billion during the second quarter of this year from Dhs61 billion in the first quarter of 2014, official figures reveal.
The company made a quarterly consolidated net profit of Dhs62.5 million ($17 million) compared with Dhs27.3 million in the corresponding period in 2013.
Residential rents in Dubai grew 20 per cent year-on-year during the second quarter of 2014, with apartments seeing the strongest rise, a CBRE report says.
The Loretto project, which has nearly 300 luxury apartments, is located in Damac’s flagship AKOYA development.
Residential sales prices in the emirate grew seven per cent in the second quarter of 2014, a new report says.
The Marina 101 project in Dubai, being developed by Sheffield Holdings, is slated for handover in early 2015.
Residential rents in the emirate also rose 24 per cent year-on-year during the second quarter of 2014, according to a JLL report.
Net profit in the three months to June 30 was SAR121.3 million ($32.3 million) compared to 103.7 million in the same period a year earlier.
The project, which has an estimated construction value of Dhs2.5 billion, is expected to be completed by 2016.
Housing, water, electricity, gas and fuels recorded price increases of 4.6 per cent during the first six months of the year.