Dubai-based developer Emirates Sunland Group, in which Australia's Sunland Group holds a 50 per cent stake, has signed a joint venture agreement (JVA) with the local Arabtec Construction for the construction of a mixed-use complex on the Culture Village project in Dubai. The agreement, which will see all construction fees and margins shared equally, is believed to be the first true partnering agreement to be formed in Dubai. Emirates Sunland has also signed a JVA with a local developer to provide project management services (PMS) on a major mixed-use development in Umm al-Qaiwain.
The JVA with Arabtec is for the development of the $400 million project that involves the construction of an 80-storey residential tower known as D1 and the Palazzo Versace hotel on the banks of the creek (MEED 6:5:05).
Formerly known as Arabian Bays, the AED 50,000 million ($13,600 million) mixed-use Culture Village development will cover an area of 4 million square metres on the banks of the creek between Garhoud bridge and the Jadaf shipyards. Dubai Properties, part of Dubai Holding, is the master developer. The scheme will feature traditional wind towers, waterways and bridges, souks, restaurants, an amphitheatre for live performances and cultural festivals, an exhibition hall, museums and a traditional dockyard (MEED 28:4:06).
In Umm al-Qaiwain, Emirates Sunland has also been selected by the local Al-Murjan Real Estate to provide PMS on a AED 15,000 million ($4,000 million) community project.
Under the terms of the agreement, Emirates Sunland will appoint consultants and contractors for the proposed development, which will comprise 10,000 dwellings, three hotels, about 20 high-rise buildings and several medium-rise development villas and townhouses. The masterplan also includes a central commercial and retail precinct around a man-made harbour, with two islands and a golf course. Emirates Sunland has the option to develop some plots within the community. The development is scheduled for completion in 2011.