The chairman of the UAE’s Emaar properties, Mohammad al-Abbar, said beginning the first phase of the company’s Lagoon project will be completed within 30 months.
The project, said Abbar, includes a set of twin towers, an area for entrepreneurship, cultural and educational facilities in addition to hotel and residency units.
It extends over an area of six million meters squared, Abbar told Al Arabiya on the sidelines of Cityscape Global, an annual real estate exhibition in Dubai.
Abbas added that the major aspects of the project have been agreed upon by Emaar and Dubai Holding, noting that the latter will provide the land and the former will provide the funding and the major construction work.
He also said that Emaar’s partnership with Meraas Holding is ongoing to develop another project in Mohammad bin Rashed City, where the Lagoon project will be located. He added that more projects were planned for Mohammad bin Rashed City.
“Dubai has gone through five difficult years. There is no presence of a real estate bubble because the new banking policies contribute to protecting the real estate [whether from] the fees recently imposed or [from future] measures. Dubai’s government [has always] made rational and balanced decisions. Raising registration fees is a good move to protect the market from excessive competition,” Abbas added.
He also stated that the prices of real estate in Dubai is five times less than Singapore and six times less than Hong Kong.