Dubai Properties, a member of Dubai Holding and one of the emirate’s big three master developers, will build a and estimated United Arab Emirates Dirham 40 billion residential community. It’s more than enough to house 50,000 residents, that could help ease the emirate’s housing problem.
This will add to the roughly 155,000 to 160,000 new housing supplies that will be delivered by 2011.
Obviously, it will house approximately 50,000 residents in five zones built to resemble the Arab cities of Baghdad, Beirut, Damascus, Cairo and Marrakech. A totally unique experience!
At 73 million square feet, the project is Dubai Properties’ biggest development to date, edging ahead of the company’s 64 million square foot Business Bay project.
The first phase of the six phase project is scheduled for completion in 2009, ahead of expected full delivery in 2012.
Dubai Properties CEO Mohammad Bin Braik said the huge investment displays the company’s confidence that Dubai’s expanding population will fuel growth in the property market. Especially with a lot of foreigners and expatriates. This is probably the most ambitious project and the biggest ever by Dubai Properties.
Mudon will include 3,200 villas and town houses, and a further 8,500 high-end apartments. The units will vary from studio flats through to six-bedroom villas with sales set to start next year. No unit prices have been released by the company as it remains confidential.
As a mixed-use development, Mudon will include retails outlets, office space, hotels, restaurants and other services, as well as an 11 million-square foot golf course. Construction has already started on several parts of the first phase.
Dubai Properties will be fully responsible for developing the project, unlike the Business Bay, where numerous plots are sold to third party developers.
Although money generated from off plan sales is now controlled in Escrow accounts, rather than fully available to developers, Bin Braik said Mudon will be completely self-funded. No bank finance is needed which rather impressive!