Cityscape this year had a lot of great reveals, with over 300 companies showcasing their projects over three days. We sum up five key highlights you might have missed at the most awaited real estate fair.
1) Dubai Creek Harbour
Emaar, commonly known as the top real estate developer in Dubai has now revealed the Dubai Creek Harbour project in all its glory. Besides the Dubai Creek Residences, this development will also feature the spectacular 'The Tower' designed by world-renowned architect, Santiago Calatrava. Emaar reports that the tower will add significant economic value to the residential developments.
The Dubai Creek Harbour project promises to be a budding one. The new project plans include a marina, park, boardwalk, numerous hotels, and luxury retail stores. Located close by to the Ras Al Khor wildlife sanctuary, one can be assured that the flora and fauna will carry over to create a natural feel.
2) RISE IN LONDON PROJECTS
According to Cityscape Global, the rise in British real estate representation was extremely notable in this year's Cityscape.
Peter Allen, Stanhope's sales and marketing director for Television Centre explains the trend in a press statement. "In real terms for dollar buyers, our scheme is 10% better value today than it was before the Brexit vote - so there is a clear opportunity for GCC investors to capitalise on this fact. We've definitely seen a recent spike in enquiries from GCC buyers. This increased demand and the sales completed to date have given us the confidence that Television Centre resonates with buyers in the region.
There was a period of uncertainty immediately after the Brexit vote but that is now passing and we are returning to 'business as usual'. The fundamentals of London remain - it is a truly global city that is the number one financial centre in the world, a transport hub, with the only global language and great education, entertainment and culture, a fair legal system, liquid property market with easy access, entry and exit and low inflation."
A notable development is Royal Wharf by Trafalgar Properties that is situated on the promising Royal Docks area.
3) 10% rental returns guaranteed
During Cityscape, Anantara announced a special announcement for the investors that bought a property at Cityscape - they were granted a 10% guaranteed rental rate return within the first three years of buying the property.
4) The Happiness City
The former Dubai World Central area, was renamed Dubai South. Home to the future largest airport in the world, this area will be designed to help propagate the happiness initiative set by the UAE government.
Spanning 145 sq km, the new hub at Dubai South will be able to hold at least a million people in terms of occupancy. Retail, healthcare, education and hospitality options will also form part of the development so it becomes a sustainable city in itself. Two new communities, The Villages and The Pulse were unveiled during Cityscape.
Located near the expo site, the new extension of the Dubai metro red line will be created by 2020 as well; thereby creating half a million jobs. Plus, the new airport will be within the vicinity.
5) La Mer, a new beachfront asset
Located in Jumeirah, this exciting La Mer development by Meraas spans 9.5 million square feet. t will comprise of four distinct zones – the beach, a leisure and entertainment hub, North Island, and South Island in addition to many leisure, hospitality and retail establishments.