The Emaar Properties, the UAE's biggest developer by market capitalisation, launched a new residential tower in Downtown Dubai, with 400 units.
Named Burj Crown, the 44-storey luxury residential tower was designed by Hong-Kong based architecture firm LWK Partners, according to a statement from Emaar on Thursday. The company did not disclose total investment in the scheme.
“We are delighted with the contribution of LWK Partners, who have designed an exceptional addition to the ever-evolving skyline in the heart of Downtown Dubai,” said Mohamed Alabbar, chairman of Emaar.
“With exceptional amenities and direct views to Dubai Opera district, Burj Crown presents an unmissable investment opportunity.”
The start of a new tower comes despite a slowdown in the property market due to oversupply and weak demand.
Dubai sales prices were 7 per cent lower year-on-year, for apartments and 9 per cent lower for villas in the third quarter of 2019, according to a recent report from consultancy, JLL.
However, according to Property Finder data, the amount of transactions that took place in the Dubai real estate market last year increased 20 per cent year-on-year to 41,988. This was the highest rate of sales for 11 years.
Emaar Properties last month said it does not intend to sell observation decks at the Burj Khalifa, the tallest tower in the world. The company instead plans to use proceeds from the tourist attraction, known as "At the Top", as a security for fund raising.
Emaar Properties reported a 20 per cent increase in third quarter profit, boosted by higher sales in residential and commercial developments.
Net profit for the three months to the end of September reached Dh1.33 billion and revenue rose 14 per cent to Dh6.08bn. In November, it announced the start of a Dh25bn project on the Dubai-Al Ain road known as The Valley.