Scheme will be built close to Sheikh Zayed Road
- Al-Fattan plans to build more towers in Dubai
- Mixed-use development will be located next to Dubai Petroleum headquarters
- Developer is building a hotel resort at Dubai Marina
Local developer Al-Fattan Properties is planning to build a mixed-use development off Sheikh Zayed Road in the Satwa area, close to the Dubai Petroleum offices.
The scheme involves building three towers that will include a hotel, and commercial and retail space.
The architect is US-based AE7.
Al-Fattan is also building a new development at Dubai Marina, known as Al-Fattan Crystal Towers. The mixed-use project involves the construction of two high-rise towers with a total built-up area of about 150,000 square metres. The first tower will have 550 hotel rooms and the second will have 490 hotel units together with residential apartments. The operator of the hotel will be Turkeys Rixos Hotels.
In 2006, Al-Fattan Properties opened the Al-Fattan Marine Towers at Dubai Marina opposite the Al-Fattan Crystal Towers site. Arabtec was the contractor.
The local Wasl is also planning to build a high tower close to Al-Fattans new tower development off Sheikh Zayed Road, known as Wasl Tower. The scheme was approved by UAE Vice President and Prime Minister and Dubai ruler Sheikh Mohammed in February.
The 60-storey tower will feature the worlds tallest ceramic facade and has been designed by sustainability expert Werner Sobek and architect Ben van Berkel.
Dubai is busy driving ahead with new projects despite weakness in the emirates property sector. Residential prices dropped by 2 per cent during first quarter of 2015, according to a report published by US-based real estate consultancy CBRE, with the firm predicting that the delivery of a large quantity of new units in 2015 will continue to depress market rates.
Another US-based consultancy also expects prices to fall further in 2015 with JLL expecting declines of 10 per cent during the year, as an additional 22,000 units are expected to enter the market by the end of the year although some deliveries may be delayed.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.