Dubai International City is put on a fast track

Ports, Customs and Free Zone Corporation’s real estate arm, Nakheel, has begun the landscaping of the Dh1.5 billion (US $408.7 million) Dubai International City, that is located near the Emirates Road at Al Aweer, according to officials.

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By  Eudore Chand Published  December 13, 2003

Ports, Customs and Free Zone Corporation’s real estate arm, Nakheel, has begun the landscaping of the Dh1.5 billion (US $408.7 million) Dubai International City, that is located near the Emirates Road at Al Aweer, according to officials. The project, currently on fast track, is being developed to get more investment into Dubai’s burgeoning property market, which has elicited an unprecedented interest among investors. Over 400 predesigned themed residential buildings and 35 commercial towers will be on offer for sale to local, regional and foreign investors. Dubai International City is a pre-designed complex, housing various themed residential and commercial buildings. It will accommodate a 21-hectare Central District, which will have a number of commercial towers. The project will also have three ‘Dubai Gates’ and will be spread in a well laid out landscape, which will serve to attract visitors to the place, say developers. “We have plans to construct a nursery school and a hospital for tenants which again would be offered to investors,” officials say. The neighbourhood project, which is scheduled to be completed in phases by September 2006, will cover 800 hectares. “The government is expected to recover its investment in three years after the completion of the project in 2006. The ground floor of most buildings has shops and car parking facilities. We are selling each three-storey building for Dh8.5 million which will have 12 studio apartments and shops. The four-storeyed buildings are sold at Dh16 million and will also have a number of one-bedroom apartments,” officials say.

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