The new development will feature 558 units across three towers
Dubai state-backed developer Meraas is adding hundreds of residential units to its portfolio, with the launch of its latest multi-tower development in Dubai Design District (d3). The developer behind several of Dubai’s key destinations, including City Walk, La Mer and The Beach, says it will build Design Quarter, the first premium residential community in d3.
Work on the first phase of the project will begin this year and will include the construction of 558 units across three towers. The development is scheduled for completion in May 2027.
The design district, which is part of the Dubai-listed TECOM Group, is home to a wide selection of creative brands, designers, studios and entrepreneurs. It has also recently acquired a reputation for being a leading venue for art installations and performance art from key practitioners across the GCC.
In late March 2023, Arada launched the penultimate phase of the Masaar residential community project and, Nine Yards launched its $544mn Sea La Vie project on Yas Island.
Meraas’ new project will feature modern lofts, duplexes and penthouses with views of the Burj Khalifa and Dubai Water Canal. The developer said the project saw a ‘tremendous response’ from potential buyers during its sales launch, which took place last weekend at d3.
Dubai’s property market continues to attract huge interest from buyers in the region and overseas, but prices have started to show signs of stabilisation after months of strong growth.
During the last three months of 2022, off-plan sales volume went up by more than 112% to 15,071 transactions, while the number of deals for ready units rose by around 37% to 11,165.
In late March 2023, Samana launched its $54.5mn Waves-2 residential project in JVC Dubai.