Dubai’s Emaar Properties has unveiled the master plan for its massive Dubai Creek Harbour scheme, and it includes what the company has said will be the world’s tallest twin towers.
An architect has not been appointed yet and their height as not been revealed, but the towers will be the focus of a development three times the size of Emaar’s vast Downtown Dubai, which is home to the world’s tallest building, the Burj Khalifa.
Dubai Creek Harbour will be developed in phases, in partnership with Dubai Holding.
The first phase, called the Dubai Creek Residences, will be a cluster of six towers, reports UAE newspaper, The National, following a press conference this week. Apartments in two of the six towers will be available for sale from tomorrow.Â
The first phase will also include retail elements, along with three hotels, including a Vida and Manzil-branded properties. Eventually there will be 39,000 new homes and 22 hotels at Dubai Creek Harbour.
Emaar did not disclose the capital cost of the project or its funding requirements.
The two towers are now represented by models and resemble rudimentary rockets. It is not known when Emaar plans to develop them.
Asked whether there is sufficient demand for the high volume of properties now under construction, Emaar chairman Mohamed Alabbar said that mistakes of the past would not be repeated.
"I think all the stakeholders in Dubai in this business learnt their lessons and they have matured, the buyer, seller, bank and regulator," he said. "What it boils down to is supply and demand."
Emaar is currently building in Dubailand, Dubai World Central and now Dubai Creek Harbour.
The National reported that Dubai apartment prices fell 1% and villa prices lost 4% at the end of September compared with the start of July as buyers struggled to meet strict loan-to-value caps imposed on mortgages by the UAE Central Bank.
"We will continue to supply the market. It’s good for the customer and keeps the price at a reasonable level," Mr Alabbar said. "But 2013 went crazy, the spikes scared me. Now I’m glad when I hear people saying the market is cooling down. I think it’s healthy. In 2013 people were hungry for real estate and it was going out of control."