Dubai developers Emaar Properties and Dubai Holdings have unveiled plans for twin 600 metre towers that will be the tallest in the world, a third higher than the Petronas Towers in Kuala Lumpur and twice as high as Europe’s tallest building, London’s Shard.
The towers will form a later stage of the six million square metre Dubai Creek Harbour on the Dubai waterfront. Chairman of Emaar Mohamed Alabbar said at a press conference held on site: “The story of Dubai and the history of the creek are intertwined, it really tells us where it came from and which way we’re going. This is the greatest spot in the world and it deserves something creative and special.”
Eventually there will be 39,000 homes and 22 hotels in a development that will be three times larger than Emaar’s Downtown Dubai, which is home to the 828m Burj Khalifa. The first properties to be sold, however, from Saturday 1 November, will be Dubai Creek Residences. This comprises six towers, two of which are apartments, along with retail, six hotels and leisure that makes full use of the waterfront location.
A statement from Emaar said: “Planned on an open site, Dubai Creek Harbour will combine the city with the natural contours of the creek. With no legacy ties to infrastructure, this new Dubai will leapfrog many of the world’s other global cities. The masterplan is an order of magnitude larger than Downtown Dubai and will support its commercial and cultural development.”
The launch is well timed, with prices levelling off and even falling slightly in Q3 of this year after explosive growth in Q2 that left both the authorities and developers concerned about an overhearing market. “2013 went crazy, the spikes scared me,” says Mr Alabbar, “Now I’m glad when I hear people saying the market is cooling down. I think it’s healthy. In 2013 people were hungry for real estate and it was going out of control.”
By Christopher Nye, Editor, OPP Magazine