Dubai-based Al Habtoor Group (AHG) has unveiled plans to develop three huge residential projects across Dubai, in 2023 with a total value of $2.59 billion.
The first project is located in Al Habtoor City which includes residential towers, with one of them being the largest in the world. The complex is a vital destination for hospitality and entertainment. The construction costs for this project will be $1.2 billion. It is a vertical community that caters to all lifestyle needs with over 20 amenities including a panoramic infinity pool overlooking the magnificent Dubai skyline.
The second project is a unique residential development in the Habtoor Grand Resort in Jumeirah Beach Residence (JBR), with a cost of $681 million. This project will boast exceptional amenities and scenic views of the Dubai coastline and cityscape.
“The new projects include residential towers, and one of them will be the largest in the world in terms of size and number of apartments. The strong economic recovery in Dubai in 2022 and the development levels that have reached new heights not even witnessed before the COVID-19 crisis, were encouraging factors to be involved again in the real estate sector and increase investments in new quality projects.”
On the third project, Mr. Al Habtoor said that “It involves the re-development of the Habtoor Tower in Marina. The project worth $681 million will consist of replacing the existing Habtoor Tower with a much larger and ultra-luxurious residential tower in the heart of the Dubai Marina with magnificent unmatched views of the Marina.”
Mr. Al Habtoor stressed that the expanded portfolio will be financed internally, “AHG considers that these expansion projects are a necessity and a clear reflection of the nation’s leadership’s vision resulting in a growth of the UAE economy at an unmatched pace by any other country. The United Arab Emirates in general, and Dubai in particular, has always been a haven for a multitude of nationalities, and we see it is safer than ever with all the enhancements making it the best place globally for investment and attractive returns.”
The Al Habtoor Group, founded in 1970, operates in the UAE and international markets including London, Vienna, Budapest, Beirut and Illinois.