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UAE Freezones Biz News Updates
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First phase of Mohammad Bin Rashid City due within three years
Value of Mohammad Bin Rashid City-District One expected to reach Dh21b
 Saeed Humaid Al Tayer, Chairman and CEO, Meydan Group, along with (L TO R) Meghnad Warrier, Head of Finance & Investment, Meydan Group, Mohammad Al Khayat, Head of Commercial & Free Zone, Meydan Group, P N C Menon, Chairman, Sobha Group, and Ajay Rajendran, Managing Director, Sobha Group, during the press conference at Meydan Hotel, Dubai, where Meydan Group has announced the creation of a joint centure with Sobha Group to develop 4 million square metres of prime freehold land into an exclusive destination of key leisure and retail attractionpoints surrounded by spacious residential communities, within Mohammed Bin Rashid City.
The first project within Mohammad Bin Rashid City will be developed by a
joint venture between Meydan Group and Sobha Group within seven years,
developers said on Wednesday.
Named Mohammad Bin Rashid City-District One, its market value is expected to
reach Dh21 billion, said Saeed Al Tayer, Meydan’s chairman and chief
executive at a press conference.
Located along al Khail road next to the Meydan Racecourse, the project
sprawls across four million square meters of freehold land. It will include
1,500 luxury villas, a 350,000 square meter water park, seven kilometers of
lagoons and man-made beaches, retail zones and sports attractions.
Meydan Sobha, the 50-50 joint venture and contractor, will complete the
project in four phases and broke ground on phase one last month, Al Tayer
said.
The first phase will take three years for the construction of 375 villas,
water lagoon, and a park, he said. A show village will be built by October
to show potential investors the three villas styles of contemporary, Arabic
and Mediterranean and will include a sales center.
Each villa could sell for Dh9 million and upwards, said P.N.C. Menon,
Chairman of the Sobha Group.
Sales registration began Wednesday morning through a dedicated website and
call center for the MBR City project, Al Tayer said.
The developers expect to sell the whole project within three to four years,
Menon said.
Mohammad BinRashid City, a mega-project announced by the ruler of Dubai in
November, includes the world biggest shopping malls, 100 hotels and a park
larger than London’s Hyde Park.
Project finances
Asked how the JV will fund the project, Al Tayer told Gulf News that 40 to
50 per cent will be “self-funded” and the remainder from financial
institutions and investors. “We have the funds to go through with phase
one.”
The developers would not reveal the cost of the project. “It would be
harmful to us,” Al Tayer said.
A number of mega-projects announced by other developers during the boom
years were cancelled or stalled but Al Tayer assured: “We will deliver on
it…the proof is in the building and delivery.”
Meydan Sobha will showcase the luxury villas during Cityscape Dubai next
year.
Mohammad BinRashid City-District One is designed to attract tourists and
increase the number of nights they stay in Dubai, Al Tayer said.
About 65 per cent of the development will comprise of open and green spaces
with activities like cycling, horse-riding and other sports.
“This is a dream being created,” said Menon.
1 May 2013 |
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Courtesy Al Nisr Publishing LLC
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