Dubai's state-backed developer Meraas is adding hundreds of residential units to its portfolio with the launch of its latest multi-tower development in Dubai Design District (d3).   

The developer behind some of Dubai's popular destinations, including City Walk, La Mer and The Beach confirmed on Friday its plans to build Design Quarter, the first premium residential community in Dubai's creative hub, d3.   

Work on the first phase of the project will begin this year and it will include the construction of 558 units across three towers. The development is scheduled for completion in May 2027.   

The design district, which is part of Dubai-listed TECOM Group, is home to some of the world's top creative brands, designers, studios and entrepreneurs.   

Meraas' new project will feature modern lofts, duplexes and penthouses with views of the Burj Khalifa and Dubai Water Canal.   

The developer said the project saw a "tremendous response" from potential buyers during its sales launch this weekend at d3. 

Dubai's property market continues to attract huge interest from buyers in the region and overseas, but prices have started to show signs of stabilisation after months of strong growth. 

During the last three months of 2022, off-plan sales volume went up by more than 112% to 15,071 transactions, while the number of deals for ready units rose by around 37% to 11,165.   

(Writing by Cleofe Maceda; editing by Daniel Luiz)