The total investment within Dubai Sports City has reached $8 billion (Dh29bn) from $7bn since the inception of the project, said a senior company official.
"We will have 120 residential and commercial towers," Khalid Al Zarooni, President, Dubai Sports City, told Emirates Business. The company yesterday launched one of its twin tower developments, The Gateway, and expects to launch the other by month-end.
"We have the schematic designs out and will go out to tender soon. We will send out a tender for the main construction by end of the month," said U Balasubramaniam, Chief Executive Officer of Dubai Sports City.
The 44-storey towers, which have been designed by Arif & Bintoak Consulting Architects and Engineers, will have total office space of 12 million square feet, with 1,000 spaces for parking in each of them. Commercial space will be sold from Dh1,500 to Dh1,600 per square foot.
"Prices within the city have gone up by 100 to 200 per cent. The interest on the residential front has gone up because developers get an option of having renowned academies besides their projects," Al Zarooni said.
"Today the prices in Dubai are still cushioned. Property prices in cities such as London, Tokyo, and Mumbai are almost ten times the price of the biggest penthouse in Dubai Marina. So Dubai is still a bargain."
Groundwork on The Gateway project will start in a couple of months, with the piling contractor to be announced by end of this month time.
The city has so far signed up contracts with Wade Adams, Siemens and Eagles for the sewage treatment plants. It is working in co-ordination with the Roads and Transport Authority to provide better road system. "Apart from the internal network which is going to be built within the city, the developers are expecting RTA to come up with major intersections as well."
The cricket stadium, academies for Manchester United and ICC will be ready by the end of the year. The golf course has been open since January this year.
"Dubai Sports City is aiming to put Dubai on the world-sporting map," Al Zarooni said.