The Middle East’s largest private developer, DAMAC Properties, has announced it has topped out its ‘Suburbia’ residential development in Downtown Jebel Ali; one of 14 projects in its current pipeline.
Surbubia is a multi-tower development, with the two tallest towers topped out at level 17. Work will now begin on the external cladding of the project. All main packages including joinery, aluminium and metal works have been finalised and relevant works are progressing on site.
“Now that the super-structure of Suburbia has been completed, we can really begin to focus on the facade and the interiors. Topping out a building is always a significant milestone in the development of high rise towers,” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
The residential development links sea, land and air, bridging the Jebel Ali Port, the sixth-largest container port in the world; Jebel Ali Free Zone, host to more than 6500 companies; and Dubai World Central, home to Al Maktoum International airport, which upon completion, will be the world’s largest airport in both size and volume.
Recognising this strategic opportunity, DAMAC Properties is constructing two residential projects within the corridor, Suburbia in Downtown Jebel Ali, and Amber Residences close to Dubai’s new airport.
According to figures released by the Dubai Chamber of Commerce and Industry, Dubai’s logistics sector is booming on the back of trade conducted in Jebel Ali.
The Emirate’s total direct trade increased 27% in the first five months of 2011 and the total value of exports and re-exports surged to AED 162.1 billion in the first eight months of 2011, with the main share of these goods passing through Dubai’s trade corridor which covers an area of approximately 200 square kilometres.
“The potential for growth in the logistics sector is enormous, and from that we are predicting there will be a flow on effect to demand for residential property within the logistics corridor,” Mc Loughlin commented.
“We have observed a very strong correlation between the growth of Dubai’s logistics sector, and interest from investors seeking to buy property within this growth area. Logistics and trade is creating employment which is stimulating demand for nearby housing. People will always want to live close to where they work” said Mc Loughlin.
More than 200,000 people work at the Jebel Ali Port, of which around 80% commute.
There has also been an influx of new SME’s that are purchasing residential property for expatriate employee accommodation. Last year alone, 480 new companies, including 55 multinationals, launched operations in Jebel Ali. Companies are drawn by the convenience of having all relevant services readily available to conduct effective business operations.
“At DAMAC Properties, we have been selling entire floors to multinational businesses who are seeking to secure accommodation for their employees, close to their regional headquarters,” Mc Loughlin pointed out.
Property prices in Dubai are at an all time low, which means Dubai real estate now represents extraordinary value for money. While Maktoum Airport isn’t fully operational now, it will be in the near future which will drive up demand for nearby real estate and inevitably push up prices. The aim of every property investor is to “buy low, sell high,” and right now is the ideal time to buy at the bottom of the market.