The construction sector in the MENA region will face a downturn in 2020 due to the escalating number of COVID-19 cases and a fall in oil prices. No-one will be left untouched, with Dubai’s Department of Finance, for instance, ordering a 50% reduction in capital spending and a freeze on new public construction projects.
Nevertheless, the medium to long-term is looking as positive as ever for the UAE, with Sheikh Mohammed, the Vice President and Prime Minister of the UAE, stating defiantly: “The UAE will win the coronavirus battle.” The Ruler of Dubai went on to liken the fight against the pandemic to a sporting event where healthcare workers are “star players” and the world is “one team”.
This positive and inspirational approach has gone down well with the nation’s people, including those in the development and construction industries.
Popular and in Demand
One project still very much on schedule for completion in Q2 2021 is Phase Two of Dubai Healthcare City. Its developer Azizi Developments, has announced that steady progress is being made on the residential tower project, Creek Views, which is located on Dubai Creek. Well over a third of the required work has now been completed.
Overlooking Dubai Healthcare City, the project is a 20-storey development featuring 634 residences, incorporating 396 studios, 218 one-bedroom and 20 two-bedroom units, in addition to 33,341ft2 of premium retail space.
An increasingly popular and in-demand community, Phase Two of Creek Views is a freehold development on Al Khail Road, less than 10 minutes away from Dubai International Airport, Dubai Mall, and Business Bay. It will perhaps come as no surprise, therefore, to discover that more than 37 different nationalities have invested in the project, with the strongest investor response coming from Emiratis, accounting for 25% of Creek Views sales. Purchases by Saudi nationals comprise 10% of sales, while Chinese nationals have acquired 5%.
Creek Views is extremely popular with Europeans too, who are buying units in the same numbers as the Chinese, 5%. The balance of the project’s investors are GCC nationals, plus a variety of customers from as far afield as the Americas, Asia and Africa.
Standing Together
“The phenomenal and outstandingly international investor response to our distinguished Creek Views residences, which perfectly cater to the high demand for quality homes in this blossoming area, reflects this exceptional project’s central and strategic location, its wide array of premium amenities, and the elevated lifestyle it offers,” said Nima Khojasteh, the Executive Director for Sales and Marketing.
“Creek Views embodies the rapid progression and forward-looking spirit of Dubai – our home and a city that we are proud to catalyse,” he concluded.
This much-anticipated project brings together both old and new Dubai, embodying perfectly the emirate’s transition from its traditional past to its pioneering future. Designed with the latest in luxury to the forefront, Creek Views will feature an all-inclusive health club with a swimming pool, a fully-equipped gym, sauna, steam room, plus an outdoor yoga space.
So amidst all of the challenges of the current health crisis, there are still many bright pointers to the future, Creek Views being just one of them. As Sheikh Mohammed stated in his recent Twitter clip: “We will win” … “there will be different games, titles to win, and cups to raise” because “for the first time in a long time there’s only one team to put our whole heart behind.”
In other words, the world stands together, and projects such as Creek Views are indicative of the way forward.