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All focus on Madinat Al Arab, Dubai Waterfront
- December 14, 2005, 12:35 pm
Dubai Waterfront - the world’s largest waterfront development - was this week once again the focus of investor attention in the UAE.
A proportion of key plots in one of the main beach districts of Madinat Al Arab, the planned urban downtown of the new city, were released to the market and snapped up within 48 hours by a number of regional and international developers.
Khaled Al Huraimel, General Manager, Madinat Al Arab commented, ‘The plots sold this week are some of the most significant in Madinat Al Arab, being designated for development into beachfront residences and resorts. Such plots are in high demand due to their prime location on the last remaining natural beachfront in Dubai - a 12 km stretch that runs through Madinat Al Arab. The extraordinary sales achieved this week are further indication of the regional and international interest in Dubai Waterfront and, more specifically, Madinat Al Arab.’
Adjoining Palm Jebel Ali, Madinat Al Arab is set to create a quality of sophisticated lifestyle unmatched in the world. It is the planned downtown and central business hub of Dubai Waterfront, a new city for Dubai which is set to become a landmark destination and transform the western side of the Emirate. The downtown will comprise multipurpose commercial, residential, resort and amenity zones and will be anchored by Al Burj, one of the world’s tallest towers and a symbol of the ambition of the city.
Based around a large harbour and marina and with a picturesque canal flowing through the area, Madinat Al Arab will be a new centre of culture, entertainment, education and business. The development is set to become a benchmark for integrated development and offers unmatched infrastructure and direct access to Dubai’s Sheikh Zayed Road, the Jebel Ali Free Zone, Jebel Ali Airport, the capital Abu Dhabi and has also taken into account the planned metro link-up, thus becoming one of Dubai’s unique new master planned communities.
‘Madinat Al Arab is being created on previously undeveloped land’ Al Huraimel continued. ‘This allows us the luxury of building on a completely blank canvas - thus permitting us to design and implement the infrastructure that a downtown of a city the size of Dubai Waterfront requires. Working with internationally recognized masterplanners, Gruzen Samton, we have developed a master plan unrivalled in the world. This intricate master plan has led to the overwhelming investor interest we continue to receive.’
Mr. Sultan Ahmed Bin Sulayem, Executive Chairman of Nakheel, the Holding Company of Dubai Waterfront, said, ‘Carefully crafted and developed by an international consortium of the world’s best architects and planners, Dubai Waterfront is destined to become a landmark destination, attracting tourists, residents and commerce, and will continue our ongoing commitment to fulfilling the vision of Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister. We are delighted by this week’s sales which have had the added bonus of generating further interest in future opportunities for investment in the development. In the near future we shall be releasing more phases to the market and have already received a high level of interest from investors wanting to develop large scale projects in these phases.’
In July of this year, the first phase of Madinat Al Arab was sold out for approximately AED 13 billion within just five days of its unveiling to a select group of private property and investment institutions, breaking all previous sales records in the UAE’s property market.
In response to overwhelming interest in Phase One, in partnership with its investors, Dubai Waterfront Company released a number of key plots in District B of Phase One, designated for residential and resort purposes, with a range of permitted building heights from between 10 storeys and 50 storeys.
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