Dubai-based Omniyat Properties is planning to launch three new projects in Dubai before year-end, a senior company executive said.
“We will develop one in Business Bay and the others in the International Media Production Zone (IMPZ) and Dubai Maritime City (DMC),” said company sales and marketing director Mohammed Hmeid. “The one in Business Bay will be a very big project, which will be our flagship. We will be launching it to coincide with our 10th anniversary,” Hmeid said. The other two projects will be in the high-end residential category, a 25-storey tower in IMPZ, a master development by Dubai Holding subsidiary Tecom Investments and a 39-storey luxury tower in DMC. The developments are awaiting some approvals. The name of the architects and the cost of the developments were not revealed. When asked how the company plans to fund the new projects, Hmeid said they were “ensuring all their projects are fully funded before launch”. The developer’s real estate portfolio, valued at AED16 billion ($4.4 billion), includes The Opus and The Pad in Business Bay, The Sterling in Downtown Dubai, and the AED2 billion ($544 million) One at Palm Jumeirah. Omniyat is also aiming to deliver more than 1,500 hotel rooms and suites by 2020.
In August 2015, the developer launched the AED1 billion ($273 million) Langham Place Downtown Dubai in Business Bay, a master development by Dubai Properties Group, the main construction tender was likely to be awarded before end-September.
