Sunday, October 15, 2006

Lagoons Phase II Sold Out

The Lagoons, a freehold, mixeduse 70 million square foot Dubai Creek destination being developed by Sama Dubai, the real estate investment and development arm of Dubai Holding, said it has completed sales of the project’s second phase ahead of schedule. The sale of second stage, which opened in mid-May, saw the 15 million sq ft (gross floor area) land plots being sold.
“The appeal of this project continues to draw a varied clientele who all seek to be a part of what is a noticeably exceptional development, and Sama Dubai is confident of the continued high level of demand for The Lagoons,” said Abdulsalam Almarri, the general manager.

“We are delighted with the significant interest the master planned development is drawing from international and regional investors, developers, and customers who are keen to be a part of this distinctive development.” Comprising seven landscaped islands neighbouring the Ras Al Khor Wildlife Sanctuary,The Lagoons is one of the first projects in Dubai to undertake a comprehensive Integrated Environmental Impact Assessment (EIA). The Lagoons will offer freehold property with 100 per cent ownership to all nationalities. Half of the project will be sold to third party investors for development.The remaining area will be developed, marketed and operated by Sama Dubai.

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