Al-Futtaim group announces final master plan for $4-billion Dubai Festival City

A pay-and-play golf course and 300 homes are to be the first parts of the multi-billion dollar Dubai Festival City, to be opened for business. It coupld happen as soon as next autumn, following announcement of the "final master" today.

  • E-Mail
By  David Cass Published  November 12, 2002

A pay-and-play golf course and 300 homes are to be the first parts of the multi-billion dollar Dubai Festival City, to be opened for business. It coupld happen as soon as next autumn, following announcement of the "final master" today.

Announcing the dramatic development, which will eventually house around 10,000 people and provide office, leisure, retail and commercial facities, the CEO of Al-Futtaim Group, Omar Al-Futtaim, revealed that the company had already spent around $200 million on developing the master plan and early infrastructure projects.

He said, "When you have a unique project we know we're not guaranteed success so we've been careful to study every aspect of our plans, especially our marketing strategy."

He revealed that the first section of the project to be built would be a golf course designed by the industry-leading architect Robert Trent Jones, with 300 homes on and around it. They are scheduled for completion by the end of next year and the company wants some of it to be ready before September's annual meeting of the IMF/World Bank, which is taking place in Dubai.

All housing on the development will be rental property, shunning the trend towards ownership, which is being led by Emaar properties. Lee Tabler, CEO of DFC says he expects rents to be "very competitive" and less expensive than they would cost if they existed in Dubai today. He said, "There is so much new property coming to market that our research indicates that prices will be driven down over the next few years. We are comfortable with that."

The eventual cost of the project is expected to be between three and four billion dollars and will cover 1,200 acres, making it the biggest mixed development in the Middle East

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code