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Dubai: Property developer ETA Star is planning to double the value of its portfolio next year with a host of project launches on the Dubai Waterfront master development near Palm Jebel Ali.
The company will launch the entirety of its four million square foot Dubai Waterfront land bank by the end of next year, a substantial portion of the Dh8 billion worth of real estate it plans to announce in total in 2008.
"Projects will range from hotels to residential buildings and serviced apartments," said ETA Star executive director Abid Junaid.
The company will end this year by completing construction on several of its existing projects. The first will be Star Metro, an eight-storey apartment tower on Salahuddin Road in Deira with 172 apartments. Later in the year, Star Metro located at Al Barsha will also be delivered.
The Palladium a mixed-use freehold project at Jumeirah Lake Towers, is nearing completion and is scheduled for delivery during the last quarter of 2007, the company said. ETA will also launch two new projects in Dubai this year. The first, a Dh2 billion development in the Dubailand master development, will feature a cluster of low rise residential blocks, which will bring around 800 units onto the market.
Meanwhile, in Jumeirah Village South, the ETA Star will launch a smaller scale residential project worth around Dh100 million, which will include approximately 100 units.
International projects
Dubai-based ETA Star is also pursuing projects outside the UAE in line with its aim to generate 40 per cent of its revenue from international projects by 2009. Countries including Turkey, Egypt, Oman and India are all on the hit list for new projects.
In terms of UAE real estate, Junaid highlighted the mid-priced residential sector as an area lacking supply. "There is a dirth of supply in the mid-market, but I expect it to be the sector which generates the greatest long-term demand," he said.
Overall, ETA Star commands an Dh8 billion property portfolio.
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