Kuwait-based Al Mazaya Holding has broken ground on phase one of Queue Point in Al Liwan, a residential project in Dubailand, and has awarded contracts worth Dh460 million for executing the phase.
Khalid Esbaitah, Chief Executive of Al Mazaya Holding said: "The Queue Point project is progressing very well. Following the resounding success of the sales phase, we are proceeding with the construction of the project. We are confident that building of this project will be executed to the stringent standards we set in the planning of the project."
The construction work for phase one has been awarded to three Dubai-based contractors – Al Omran, Al Sarah and Al Ruwabi – in order to expedite the construction of the phase one, which covers an area of 3.562.744 square feet. Al Omran has been awarded four of the first phase plots for development, Al Sarah five plots and Al Ruwabi the remaining five.
The construction works on this phase includes 14 plots on which 1,031 residential units are to be built. The entire Queue Point project comprises a total of 52 plots. The schedule includes completion of various works, in phases, from 2008 until the end of 2009.
"We will launch the second and third phases of the project within the next two months. Construction will commence when we get all the permits," he said.
Queue Point, located near Emirates Road at the Al Ain Road intersection, is a Dh2 billion project and will include a variety of multi-purpose buildings, both residential and commercial, of between five and 15 storeys.
Al Mazaya has launched projects worth Dh20bn in the GCC countries, of which over Dh10 billion has been invested in the Dubai real estate sector.
Dh2bn: The value of Queue Point, which in coming up at Dubailand. It will include a variety of multi-purpose buildings, both commercial and residential, of between five and 15 storeys