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01 March 2024

Meraas adapts plan to meet market changes

Meraas will fast-track its Dh350bn Jumeira Gardens project once the real estate market stabilises. (SUPPLIED)

By Staff Writer

Meraas Development will accelerate development of its Dh350 billion Jumeira Gardens project upon stabilisation of the real estate market.

"Shifting away from the fast-track development of its Jumeira Gardens project, and in light of the rapid changes in the real estate market and global economic conditions, Meraas Development is now focusing on adapting its master plan, designs and product mix to suit market conditions," the master developer said in a statement sent to Emirates Business.

"The company is redefining its short-term strategy and approach to focus on developing initial phases of Jumeira Gardens while confirming its commitment to the principle of developing an integrated city in the heart of Dubai. The phasing of the project gives further opportunity to gauge investor interest and develop detail of the master plan and its state-of-the-art infrastructure," it added.

Meraas launched Jumeira Gardens project in October 2008. It will be a mixed-use development and will comprise seven distinct areas across 110 million square feet of land area. Jumeira Gardens will be built over 12 years across an area north of Sheikh Zayed Road between Diyafa Street and Safa Park. The redevelopment of the existing site will create a mixed-use, freehold and leasehold development, which will be an integrated city within a city. A transportation network will link low-, medium- and high-density areas with business, residential, retail, leisure and recreational components.

Phase one of the project will cover about 820,000 square metres of land area comprising six main blocks of high-, mid- and low-rise office, retail and residential buildings, two hotels and a high-end shopping area. The developer plans at least eight buildings in Jumeira Gardens, including One Dubai, One Park Avenue and Park Gate, which will have six buildings. The project aims to cater to a population of 50,000 to 60,000 residents.

Earlier, Middle East Economic Digest magazine said Meraas has halted two tower projects. It said Samsung Engineering and Construction had stopped providing pre-construction services for One Dubai, while also shelving plans for another high-rise office building.