Nakheel, the real estate arm of Dubai World, has commenced development work on the Veneto phase of the Waterfront, and sales for the project are expected to begin by end of the month.
Veneto will cover an area of 214 hectares and have a built up area of 857,835 sq ft. The phase is scheduled for completion by 2012 and will have a resident population of more than 13,900 people,
according to a Nakheel presentation.
The first phase of Madinat Al Arab was sold out for $3.5 billion (Dh12.8bn) in 2006. Major civil works and infrastructure has commenced, while the phase will be completed by 2015.
Last month, the company revealed the masterplan for Waterfront City, which will be the centrepiece of the development. Covering a land area of more than 330 hectares, Waterfront City consists of a central island surrounded by four neighbouring districts – the Boulevard, Madinat Al Soor, the Resort and the Marina.
According to Nakheel, it was making significant progress at Waterfront with more than 20,000 workers and 3,000 construction vehicles on site and a quarter of the earth works already completed.
More than 40 million cubic metres of land has been graded in little more than a year and approximately 30 per cent of the first 400 hectare island has been reclaimed, with reclamation under way on further islands.
The amount of land being reclaimed each month is 3.52 million cubic metres, which is enough to fill Wembley stadium three times.
Waterfront is being developed on the last 15 kilometres of natural coastline in Dubai and will provide more than 70km of coastline when completed.
214: Hectares will be area covered by the Veneto development. The phase is scheduled for completion by 2012
Nakheel commences development work on Veneto phase of Waterfront