01 October 2005

Saudi-based Tanmiyat Investment Group has acquired the full residential and commercial components of the $3.8 billion Legends integrated theme park project in Dubailand at an investment of Dh7.3 billion ($2 billion) from the Bahrain-based Gulf Finance House (GFH).

The Living Legends and Trade Legends are two of the six salient components of the Legends project spread over 24.7 million sq ft in Dubailand, and will encompass an array of luxury villas and apartments which will be sold both at the retail level and as land parcels to developers.
At the core of the Legends project are three world-class theme parks, which together will constitute one of the largest, climate-controlled theme parks in the world. The three theme parks at Legends-Dubailand are Legends of Arabia, Legends of Nature and Legends of the World – all of which are inspired by mythology, natural wonders, and sensational places on the planet.
Work on the final design of the theme park component of the development has already commenced and full-scale construction is expected to be started shortly.
“This aspect of Legends will be developed by the Legends project company,” said Esam Janahi, chief executive officer, Gulf Finance House
Janahi further said: “The Tanmiyat Group is already part of the Legends project platform and has, as a strategic investor, underwritten 40 per cent of the $302 million private placement flotation for the first phase of the project.
Living Legends – a first-of-its-kind community – comprises more than 2,300 residential units including 500 luxury villas and apartments in 12 residential, in the heart of a theme park development.
Living Legends will comprise a total of 500 villas, 50 of which will be of a super-luxury nature. Of the remainder, 300 will be three-bedroom and 150 two-bed room villas. 
The villas will encircle the nine-hole golf course of the Legends project while the 12 towers, which together will offer about 1,800 luxury residential  apartments, will line the periphery of the Legends development, offering a combination of studio, penthouses, two and three-bedroom apartments.

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