Tuesday, March 10, 2009

Developer modifies Jumeirah Gardens project to suit market needs

Meeras Development plans to speed-up the Dh.350bn Jumeirah Gardens project, upon stabilization of real estate market.

In view of the rapid changes in the property market, and owing to global economic conditions, Meraas Development is now focusing on adapting its master-plan, designs and product mix, inline with present market conditions.

The company, in its statement, said that it plans to redefine the short-term strategy and approach to focus on developing initial phases of Jumeirah Gardens, while also confirming its commitment towards developing an integrated city in the heart of Dubai. The project, when progressed in phases, would provide an opportunity for the company, to analyze investor interest and develop details of the master plan and state-of-the-art infrastructure.

Launched in October 2008, the Jumeirah Gardens projects by Meraas is a mixed-use development, including seven district areas spread across an 110mn square feet land area. Located along the northern end of Sheikh Zayed Road, between Safa Park and Diyafa Street, the project would require 12 years for completion.

The existing site would be re-developed to create a mixed-use freehold and leasehold development, which will be an integrated city within city. A transportation network will link low, medium and high-density areas with business, retail, residential, leisure and recreational components.

Covering about 820,000 square meters, the phase one of the project would include six main blocks of low, mid and high-rice office, residential and retail buildings, two hotels, and high-end shopping space.

The developer plans eight buildings in Jumeirah Gardens, including One Park Avenue, One Dubai, and Park Gate, with six buildings. The project aims to cater to a population of 50,000 to 60,000 residents.

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