Jothisha Sri Lanka
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 Developers in Dubai are going ahead with their announced projects despite the real estate market showing signs of sluggishness.

Reports from various global and local property point to slowing down of sales and price declines this year, but real estate developers have dismissed such claims and are confident of the success of their projects.

In the first month of 2016 itself, new contracts are being awarded.

Indigo Properties, the developer of the Dh1.5 billion Indigo Zen in Dubailand, has on board a contractor for building four show villas, which are set for completion in six months.

“We have appointed China State Construction Engineering Corporation Middle East as the contractor for our show villas. We will commence work at full pace by March when we shall have the main contractor on board,” company director Anand Lakhiani told Emirates 24|7.

The development will offer a tropical resort lifestyle, with its 4.5 million square feet of land dotted with verdant foliage and winding waterways.

Covering a land area of 4.5 million square feet, the project will have 350 villas, a retail centre and a clubhouse.

“We expect to deliver the project in 27 months from the date of awarding of the contract,” Lakhiani informed.

Work is all set to commence on Emaar Properties’ multi-billion-dirham Dubai Creek Residences in Dubai Creek Harbour development.

The developer awarded the main construction contract to Al Basti & Muktha and project completion slated for 2018.

Dubai Creek Residences consists of six 30- to 40-storey residential towers which form part of The Island District.