Dubai, The ARY Group is planning to launch further real estate projects in Dubai and has estimated the combined value of its various intended schemes at around $272million. The company estimates the value of its planned projects at more than Dh1 billion.
ARY Digital Tower in Dubai Media City, a high-rise hotel project on Emirates Road, and a furnished apartment block in Dubai Marina will be among the new developments.
The Dubai Media City tower will have a 200-room hotel and commercial office space.It will house production facilities and studios of ARY group's own television channel, which currently operates out of Media City.
Abdul Razzak said, "A large mixed-use project is also under study in Dubai. The gold trader entered the property business about five years back to benefit from Dubai's real estate boom.Property sales already exceed ARY's gold business turnover."
"There is still a good demand for all types of property in Dubai. I am not worried for the next 10 years. The market remains strong," Abdul Razzak said, adding that the property sector is seeing some stabilisation now compared to the initial boom days.
The firm unveiled the ARY Business Avenue commercial centre in Bur Dubai just last week, while 32 buildings it has constructed in International City are in the handover phase. The firm is also looking at a possible project in London.