Zabeel Properties, the property arm of Zabeel Investments, has started work on Porto Dubai, a luxury residential development, on a reclaimed peninsula that will feature a “tiered island” design concept for the first time in the UAE, according to a top company official.
“We have started dredging and reclamation work on the project. Villa construction will commence by year-end, while the project is expected to be completed by 2010,” Mohammed Ali Al Hashimi, Executive Chairman, Zabeel Investments, told Emirates Business.
Although he did not comment on the value of the project, Al Hashimi said it will “significantly increase the size of its investment portfolio”. Currently, Zabeel Properties has a Dh15 billion worth of residential, commercial and hospitality development portfolio.
Reclamation work is being undertaken by Boskalis Westminster Middle East, while Nakheel, the real estate subsidiary of Dubai World, is providing assistance and sharing its experience in reclamation and coastal development.
Porto Dubai, which is being built off the coast near the Umm Suqeim Marina, will expand the public beach, the last remaining stretch of public sand on Jumeirah Beach. “There will be no development on any of the nearby public beach areas,” Al Hashimi said, assuring Umm Suqeim residents and beachgoers the beach area will be further extended.
The luxury villas in Porto Dubai will be arranged in a circular fashion on the peninsula’s four platforms, which will rise at stretches of four metres to its highest point of 16 metres at the centre. There will be two restaurants, spa and health club.
“Porto Dubai is an exclusive, high-end, luxury residential development. We are confident it will be a premier and most sought-after villa development in the emirate,” said Al Hashimi. The company has no plans to raise any debt to fund its projects. “We have ample sources of funding,” he said.
Zabeel Investments is a diversified investment firm with business interests spanning real estate development and management, and private equity and asset management across a wide range of economic sectors in the GCC and other markets.
Dredging under way for new tiered island