Dubai Holding revives Lagoons

Dubai Holding, a global investment holding company, has confirmed to Emirates 24l7 that it is reviving “The Lagoons” project on Dubai Creek through a joint venture.

 “Dubai Holding confirms its commitment to revive The Lagoons project. We will be working jointly with another real estate developer to deliver the project. Details on the project will be announced in due course,” a company spokesperson said.

Earlier, Arabic newspaper Al Bayan, quoting unnamed sources, said Dubai Holding and Emaar Properties, Dubai's largest developer, will jointly develop ‘The Lagoons’ project.

The master development, the newspaper said, is likely to be home to a 1,000-metre tower.

If the companies do go ahead with the development, this will be their second jointly launched initiative, after the announcement of Mohammed Bin Rashid City, the master development that will include the world’s biggest mall, a theme park with collaboration with Universal Studios and a park larger than London’s 350-acre Hyde Park.

In an interview given to Emirates 24|7 in 2011, Khalid Al Malik, Group Chief Executive Officer, Dubai Properties Group (DPG), the real estate arm of Dubai Holding, said that The Lagoons, a Dh64-billion project by Sama Dubai, had not been cancelled.

“There will be no refunds to plot owners. I am developing The Lagoons,” he said.

A sub-developer, who owns a plot in The Lagoons, said that they haven’t got any update on the project, but the master developer has said it will get back with an update in coming months.

In 2010, DPG had confirmed to this website that the even plan to develop the iconic Signature Towers, formerly known as the Dancing Towers, the centerpiece of the master development, had not been scrapped.

“We are reviewing the plans and timing for Signature Towers in line with new market demand,” the company said.

Emaar Chairman Mohamed Alabbar said recently that they are considering building another world-record breaking tower bigger than Burj Khalifa, currently the world’s tallest building.

“We may try to build something a little taller,” Alabbar said at a conference, adding, “The emirate needs another tall building. Dubai is only about 30-years old, so we have a lot of time and lot of investment left.”

In August 2009, Dubai Holding consolidated its real estate companies, bringing Dubai Properties, Sama Dubai and Tatweer under the umbrella of Dubai Properties Group.

Sama Dubai had launched the 70 million square feet waterfront project on the Dubai Creek in April 2006.

The Lagoons will have seven islands, comprising of residential units, shopping centres, office buildings, and marinas. These detached islands will be interlinked with bridges.

In July 2012, Emaar had acquired a plot of land in July beside its Arabian Ranches development from DPG and has already launched two projects - Casa and Mira townhouses.

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