Watch out for these Dubai mega projects
Dubai developers left no stone unturned as they announced multi-billion dirham master developments and real estate projects that will change the landscape of the emirate in the coming few years.
The biggest of the all was Dubai Holding’s announcement of Dh25-billion Mall of the World, which is set to break ground early 2015. The mall will be completed in different phases that will take 10 years to complete.
As Dubai prepares to host Expo 2020, which will run from October 2020 to April 2021, Dubai Parks and Resorts, a Meraas Holdings’ subsidiary, revealed plans for three theme parks, construction on which has already started.
Damac Properties announced plans for Akoya Oxygen, a 55 million square feet master development that will now have a golf course deigned by Tiger Woods.
Watch out for some of these mega projects below:
# Mall of the World
The first phase of Dh25-billion Mall of the World will overlook Sheikh Zayed Road and will be completed in three years’ time once the ground is broken in 2015, Khalfan Belhoul, Vice President, Strategy, Dubai Holding had announced in October.
The 48-million square feet climate-controlled development will house a shopping mall with an area of eight million square feet, the world’s largest theme park, which will be covered by a glass dome that will be open during the winter months, a wellness dedicated zone, a cultural district and a range of hospitality options comprising 20,000 hotel rooms.
Once completed, the development is projected to become a year-round destination, welcoming around 180 million visitors annually. But phase one is unlikely to have the theme park
Dubai Holding, the developer of the project, will be self-funding 50 per cent of the project, while the remaining 50 per cent will be funded through joint ventures, land sales or strategic alliances.
# Akoya Oxygen
In August, Damac Properties launched Akoya Oxygen, a golf-centred project in Dubailand.
Spread over 55 million square feet, it will include residential projects surrounding a championship golf course being designed by Tiger Woods.
It will also feature retail and hospitality products including a five star hotel and a luxury wellness centre featuring yoga programmes, herbal treatments, diet control and exercise; leisure & entertainment offerings, and organic marketplaces.
# Dubai theme parks
In September, Dubai Parks and Resorts, a subsidiary of Meraas Holding, announced it had started work on its three theme parks - Motiongate, a Hollywood inspired theme park concept based on major DreamWorks Animation and Sony Pictures; Legoland Dubai, the first Legoland theme park in the Middle East; and Bollywood Parks, an entertainment destination that will showcase the authentic Bollywood movie experience.
The parks are anticipated to be completed by third quarter of 2016 with total estimated number of visits in the first full year of operation (2017) expected to stand at 6.7 million, according to company’s IPO prospectus.
The parks are likely to be linked to Dubai Metro and other rail links in the future.
# Royal Atlantis Resort and Residences
In September, Investment Corporation of Dubai, the investment arm of the Dubai government, and Kerzner International Holdings Limited, an international developer, unveiled Dh5.14 billion Royal Atlantis Resort and Residences on Palm Jumeirah.
Located on the crescent of the Palm, next to the Atlantis resort, the project will include nearly 800 new guest rooms with architecture from Kohn Pedersen Fox Associates and interior design by GA Design.
The 46-storey development will also feature 250 luxury residences, designed by Sybille de Margerie Design. It will have a sky pool that will soar almost 90 metres above the Palm.
The development is to be completed by 2018.
# La Mer, Jumeirah
In September, Meraas Holding launched La Mer, a mixed-use development in the vicinity of Pearl Jumeirah Island in Jumeirah.
The development will spread across 9.5 million square feet of existing and reclaimed land and will comprise four distinct zones - the beach, a leisure and entertainment hub, North Island, and South Island and feature commercial, leisure, residential and hospitality components.
“Our feasibility studies have confirmed that La Mer will be one on the projects which will positively contribute to Dubai's economy and set new global benchmarks for beachfront developments,” Abdulla Al Habbai, Group Chairman, Meraas Holding, said.
The north island and south island of the development will include a residential community that will have 688 apartments and villas along with a 160-key hotel.
# Dubai Creek Harbor at The Lagoons
In November, Emaar Properties and Dubai Holding announced the launch of Dubai Creek Harbor at The Lagoons, a 6.5-million square metre urban district.
The project, located alongside Dubai Creek and adjacent to Ras Al Khor, will comprise 3,664 office units, eight million square feet of retail space, 39,000 residential units and 22 hotels with 4,400 rooms, while the centerpiece will be the ‘Dubai Twin Towers’ that will be the tallest twin towers in the world.
The Lagoons is three times the size of Downtown Dubai, according to Emaar Chairman Mohamed Alabbar.
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