Work begins on Dubai International City
01 October 2003
The Dubai government's Corporate Office has begun the landscaping of the Dh1.5 billion ($408.7 million) Dubai International City, to be located near the Emirates Road at Al Aweer, said an official.
The project is being developed to tap more investments into Dubai's burgeoning property market, which has elicited an unprecedented interest among investors. Over 400 pre-designed themed residential buildings and 35 commercial towers will be on offer for sale to local, regional and foreign investors.
The new neighbourhood project, to be completed in phases by September 2006, will cover 800 hectares.
Dubai International City is a pre-designed complex, housing various themed residential and commercial buildings. It will accommodate a 21-hectare Central District, which will have a number of commercial towers.
The project will also have three 'Dubai Gates' and will be spread in a well laid out landscape which will serve to attract visitors to the place. 'We also have plans to construct a nursery school and a hospital for tenants which again would be offered to investors,' he said.
'The government is expected to recover its investment in three years after the completion of the project in 2006. The ground floor of most buildings have shops and car parking facilities. We are selling each three-storey building for Dh8.5 million which will have 12 studio apartments and shops. The four-storeyed buildings are sold at Dh16 million, which will also have a number of one-bedroom apartments plus the shops,' he says.
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- UPDATE
- Work begins on Dubai International City
