Sunday, December 13, 2009

Dubai Pearl on way to completion by 2013

Dubai pearl developments
Dubai Pearl, the mixed-use luxury development, by Pearl Dubai FZ LLC, is due for completion by 2013, announced Chairman of Dubai Pearl, Abdul Majeed Esmail Al Fahim.

Originally due for completion in 2007, the Dubai Pearl met with delay as the developer lacked funds. Thereafter, there has been no construction for almost a year. A new developer was chosen and the project will be handed over in three phases. The first set of handovers will commence in December 2011, with the whole development due for completion by 2013.

To reach completion, the project has adjusted to the financial environment. Major areas have been prioritized to adapt to the economic scenario. The focus is on the steady progress in construction and delivery of the project, flexible and tailor-made payment plans to investors, close and transparent relations with investors and partners, and a campaign to raise awareness on all the project components is planned, he said.

Located at the Dubai Technology and Media Free Zone, the $4billion development is a business cluster operated by Tecom Investments and is home to global IT and media companies. About 56 percent of the total land mass at Dubai Pearl comprises open space, with 45 percent of the project area being landscaped. The development aims to be a luxury free zone and freehold development with easy access to transport links, World Island and private beach club on the World Island.

The signature structures of Dubai Pearl are its four individual towers, linked together at the top to form a skyscraper shooting over 300 metres. Other components include hotels, residences, entertainment amenities, and global names such as Bellagio, Baccarat, MGM Grand and Sky Lofts.

Dubai Pearl's partnerships with luxury brands Baccarat for the Baccarat Hotels and Residence, MGM Mirage for Bellagio hotel, MGM Grand Hotel and Skylofts Hotel aims to create long-term value for stakeholders of the development.

The hospitality sector of Dubai Pearl constitutes 16 percent, while there are about 1440 residential units and 618 serviced apartments making up 40 percent. The commercial section of Dubai Pearl constituting 1380 office units is 33 percent of total GFA, while 8 percent constitutes retail and 3 percent is leisure.

Dubai Pearl will accommodate 9000 residents while its commercial sector has the capability to employ about 12,000 employees. With features of a sustainable development, the Dubai Pearl is aiming for Golf LEED Certification.

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