DUBAI-BASED property developer Memon Investments says residential property prices in Dubai are likely to recover this year as the market witnesses continued signs of improved lending from 2009, which is expected to continue until 2011.

Memon also said that construction is proceeding apace on its ongoing residential projects, which consist of luxury buildings collectively valued at Dh1.34 billion ($364 million).

Encouraged by the relatively lower costs of construction, Memon further reiterated its commitment to ensure timely delivery of its residential developments, which include the Frankfurt Sports Tower and the Champions Tower series.

Memon has passed more than the halfway mark on the construction of two of its prime residential developments in Dubai Sports City – Champions Tower II (CT II) and Champions Tower III (CT III). The developer also revealed the completion of the superstructure of the Cambridge Business Centre (CBC) in Dubai Silicon Oasis, keeping the construction on track to be completed by the second quarter of this year.