Sunday, December 07, 2008

The Dh.351.5bn Jumeirah Gardens project by Meraas under review

Meraas Development, the Dubai Government-owned realty company is reviewing the phasing and roll-out of its Dh.351.5bn 'Jumeirah Gardens' project in Satwa district, due to global downturn.

According to a statement by the company, the business strategies and phasing and rollout of Jumeirah Gardens are being reviewed in the most opportune way to cater to the changing requirements of investors.

The mega-project was launched by the company during the Dubai Cityscape exhibition held in October. The project, which had been due for construction over a 12-year period, will include 7 distinct areas, covering 110million square feet of land, including the islands.

One section would comprise the Dubai Park, which will be half the size of Safa Park. The Phase one of the project will cover 820,000 square meters and include low, mid and high-rise office, residential and retail buildings, apart from two hotels and a shopping arena.

It will also include several sky-rise towers, including the 1 Dubai, which is hoped to be one of the largest and tallest buildings in the world.

The Dubai Government has already established a panel to supervise the launch of future realty projects in the emirate, in view of the global economic turmoil. Such a panel has been established for the first time in Dubai.

The panel will however not look at projects that have already been launched, said Nasser Al Shaikh, the Director-General, Dubai Department of Finance.

"No projects will be called off and it will be up to the committee to decide on the launch," Al Shaikh said.

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