Dubai Properties, part of Dubai Holding, will increase the total investment in Mudon residential community in Dubailand by Dh15 billion to Dh55bn, according to a senior company executive.
The Dubai-based master developer is expanding features in the 73 million square feet project by including additional residences in the five city replicas being built within the development.
“We plan to increase the value of Mudon to approximately Dh55bn from Dh40bn,” Haiyan Mujarkech, Chief Business Development Officer at Dubai Properties, told Emirates Business.
The expansion of the project – currently the largest to date from Dubai Properties – also includes the addition of freestanding villas, a country club and a resort for the existing golf course.
Mujarkech said the project, which is a significant part of the Dubai Properties portfolio, is already the largest in the UAE in terms of value.
The Mudon development is expected to incorporate five historic cities – Baghdad, Beirut, Damascus, Cairo, and Marrakech – within one large integrated metropolis.
Dubai Properties has been working on the infrastructure for almost one year. The project is due for completion in 2012.
Dubai Properties also released an additional 219 units of The Villa project in Dubailand to buyers and investors yesterday. All the plots in the Dh8bn Spanish-style residential community have been handed over to customers and the infrastructure work is 80 per cent completed, according to Mujarkech.
He said Dubai Properties has invested Dh1bn in infrastructure work, which began in 2005, adding the development is expected to contribute less than 10 per cent of Dubai Properties’ total revenues this year.
“The current phase (phase two of development) will be Dh1.25bn in returns,” Mujarkech said, adding the developer is expecting higher revenues from phase three of the project, which consists of more luxury-style villas.
“This year The Villa revenues, as far as sales are concerned, were a significant portion of Dubai Properties’ portfolio,” he said.
Investors in the 35 million sq ft residential project have a three-year window of opportunity to construct their own residences, which are offered in four, five and six-bedroom courtyard villas. The entire project is scheduled for completion in 2010.
Dubai Properties to raise investment in Mudon by Dh15bn