First of several clusters to commence construction in 2016
- The Villages will feature 20,000 residential units
- First cluster will feature 6,000 units and due for completion in 2019
The newly rebranded Dubai World Central, Dubai South, is developing a luxurious freehold residential cluster with a budget of AED25bn ($6.8bn).
The first cluster will feature 6,000 residential units, with construction set to start in 2016. The first dwellers should move in by 2019.
We are currently in discussions with financial institutions and equity partners, as well as bulk buyers to secure the required financing for the project, says Rashed Bu Qaraa, chief operating officer of Dubai Aviation City Corporation (DACC). He also alluded to a possible utilisation of a public-private partnership (PPP) model to develop the project.
The first cluster of the freehold residential development, called The Villages, will feature 6,000 units over 1 square kilometre of land within close proximity of the Al-Maktoum International airport.
We are very committed to this project and timeline, says Bu Qaraa.
The masterplan provides for 20,000 residential units, which will be spread across three to five clusters.
A freehold development, The Villages will be offering a rent-to-own option to facilitate ease of owning a property for its target market, which comprises middle-to-upper market buyers.
It will also provide dwellers with an option for interior design, which is not common among similar developments in the emirate.
The development counts wellness and education among its key themes, and the current plan includes a civic centre with walk and bike trails and fitness centres. Bu Qaraa says superior and affordable education will be provided to residents children to address the common issue of exorbitant school fees that are prevalent in Dubai.
DACC operates under the overarching Dubai World Central, which is administering the planned $32bn Al-Maktoum International airport expansion scheme. We know the airport will eventually attract a lot of foreign direct investment and will be a major source of employment, Bu Qaraa told MEED at the sidelines of the Cityscape Global conference on 8 September.
We will support the airports development fully.
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