Little Miss Drama

Revealed: Dubai projects re-heated in 2013

on December 24, 2013

Source: Arabian Business

Some of the biggest developments dusted down, re-branded and relaunched back on to the market.

We look at previous plans and how they have been given a new lease of life as the market begins to improve.

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1. Deira Island (Nakheel) 

Then: Launched in 2002 as three palm-shaped islands (Palm Islands) off the emirate’s coast – Palm Jumeirah, Palm Jebel Ali and Palm Deira. 

What happened? Palm Jumeirah was finished, but Nakheel suspended work on the other two larger islands amid the financial crisis. 

Now: Re-launched in October 2013, Deira Island, a smaller version of Palm Deira, will have 1,400 retail units and restaurants, a 250-room hotel, a 30,000 capacity amphitheater and other attractions.

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2. The Opus (Omniyat) 

Then: A 23-storey office tower in Business Bay. Launched as Opus in 2007, to be finished in 2010. 

What happened? Never built. The project was stalled amid Dubai’s property crash. 

Now: Re-launched in October 2013 as The Opus, with added five-star, mixed-use ME brand hotel and apartment development. Slated to finish mid-2015, hotel to open mid-2016.

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3. Mixed-use project/theme park in Dubailand (Union Properties) 

Then: Launched in 2005 as a Formula One Theme Park within UP’s Motor City, with construction to start in 2006 and finish in 2008.

What happened? The park was half complete before being suspended in March 2009 when UP ran out of funds. One of several projects in the wider Dubailand that stalled in the downturn.

Now: UP told AB in October 2013 new plans for the site would be a mix of “retail, residential and a theme park”.

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4. The Lagoons (Dubai Holdings and Emaar Properties) 

Then: The mega project was launched by Sama Dubai (later merged in Dubai Properties Group) in 2006 as Dubai Lagoon, a 5.7m sqft site near Dubai Creek. 

What happened? After breaking ground on the site in 2008, the project was mothballed due to the credit crunch and subsequent collapse in local real estate prices. 

Now: Re-launched in October 2013 as The Lagoons, a 6m sq m master-planned city located within Mohammed Bin Rashid (MBR) City. Includes Dubai Twin Towers, “a mixed-use iconic development”, as well as a CBD, hotels, schools and healthcare facilities.

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5. Mohammad bin Rashid Gardens (Dubai Holding and Emaar Properties) 

Then: Launched in 2008 as Dubai’s biggest parks project for 250,000 residents, it was to stretch 82sqkm, covering four with almost three quarters of the total area – 60sqkm – dedicated to green space. 

What happened? The project was put on hold sooner after its launch amid the property crash. 

Now: The project was re-heated as part of the overall master plan announced in November 2012 for Mohammed bin Rashid City.

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6. The Pad (Omniyat) 

Then: A 231-apartment, 24-storey tower in Business Bay. Launched as The Pad in 2007, to be finished in 2009. 

What happened? Pushed back to 2010, then mid-2011 before eventually put on hold. 

Now: Re-launched in October 2013 under the same name, with a “a very cool, hip hotel”. Slated to finish mid-2015 in first of a chain of The Pad properties.

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7. Damac Towers by Paramount (Damac) 

Then: In 2006 Damac launched La Residence by Lotus, a 58-storey “waterfront” development in Business Bay. 

What happened? The project never got off the ground as a result of a land dispute and the emirate’s property crash. 

What happened? Damac Towers by Paramount was launched in March 2013 for the same site. It is due to open at the end of 2015 with a 540-unit Paramount Hotel & Residences, and 1,400-unit Damac Maison-Paramount co-branded service hotel residences.

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8. FalconCity of Wonders (FalconCity) 

Then: Launched in 2005, the 40m sq ft Falcon city would boast life-size replicas of world landmarks such as the Eiffel Tower, Taj Mahal and the Great Pyramids, include a theme park, hotels and a 1m sq ft copy of New York’s Central Park. 

What happened? The project was delayed during the property crisis, issues with infrastructure and approval from the RTA. More than 300 villas have been built to date, with 214 set for completion in 2014. 

Now: More villas were added to the market in 2013, with the company embarking on a renewed publicity push on the project.

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Some of the biggest developments dusted down, rebranded and relaunched back on to the market

 

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