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DIP announces more than AED 20 b residential projects
- February 19, 2007, 10:10 am
Dubai Investments Park (DIP), the wholly owned subsidiary of Dubai Investments, has announced that more than AED 20 billion worth of residential projects will be constructed in the Park this year, bringing the total investment value to almost AED 21 billion.
Seven major developments by a consortium of developers are earmarked for construction in DIP during 2007, offering investors 19,392 residential units when the projects are completed by 2010. The multi phased developments are spread over a total area of 3,200 hectares and equipped with world-class facilities and services for manufacturing, residential, academic, research and development, distribution and logistics purposes.
‘This phenomenal amount of investment underscores the property developers’ confidence in Dubai Investments Park as one of the region’s premier residential communities. DIP has carved a niche in the real estate market as a high-profile, environmentally friendly and cleverly planned development and we have received a surge of investors wishing to capitalise on this opportunity,’ said Omar Al Mesmar, General Manager, DIP.
Dubai Investments Park’s largest new development is the Palisades project, being developed by Pearl Properties, offering investors a residential community that incorporates architecture composed of eclectic property styles, inspired by the Georgian, Regency and Victorian eras. The Green Community West project is another major DIP development, constructed by Property Investments, to include 580 villas, 256 apartments and six recreation areas spread over a total area of 11.2 million square feet.
Similarly, the Ritaj development is a high-profile residential project earmarked for construction in DIP by Dubai Investments Real Estate, which will offer investors more than 2,200 units located in a fully networked residential community that features restaurants, cafes, shops, a supermarket, a clinic, a pharmacy, a mosque, entertainment and recreational facilities. Dunes Village, being created by Manazel Real Estate and Al Serkal Properties, will include 14 residential towers in an environment that seamlessly blends modern amenities with traditional values.
Nearby is the Crown City project, under construction by Al Manal Development, offering investors 52 buildings comprising 8,000 residential units in the Park. Additionally, the Dubai Lagoon project will feature apartments and walkways surrounding a sapphire lagoon creating a permanent romantic setting.
‘DIP is one of the most attractive destinations for both home and office, because it is half an hour from downtown Dubai and right at the heart of the cities business circles. The whole development is a pioneering concept by creating a city within a city, an area to work, live and play,’ commented Al Mesmar.
Two existing residential projects are already completed in DIP, with more than 30,000 residents living in Ewan Residence and Green Community. Ewan Residence, constructed by Lootah Real Estate Development, offers investors 75 properties distributed over two million square feet of land. Green Community, constructed by Union Properties, offers investors a traffic-free environment with cobbled roads, walkways, manicured gardens and residential developments spread over an area of one million square feet.
In addition to residential projects, DIP has attracted a sizeable business community and is considered to be the premier business park in the Arabian Gulf by offering investors an environment tailor made for success. Commercial amenities such as six international schools, sports clubs, fire and police departments, a healthcare centre, postal, banking and insurance services and major shopping facilities attract both residential and business investors.
Located close to Jebel Ali port and Dubai’s upcoming international airport in Jebel Ali, the fully landscaped DIP is conveniently located for easy travel requirements. The Park can be accessed from Emirates Road and Sheikh Zayed Road, and the outer bypass of the Park is surrounded by a 20 Km radius of major residential, recreational, entertainment and hospitality developments.
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