A member of Dubai Holding, the Dubai Properties Group (DPG), has initiated work on the Mudon project in Dubailand, aiming to deliver 348 villas and townhouses over the next 18 months.
According to the developer, the decision is based on increased demand for quality villas in prime locations across the emirate.
The Chief Executive Officer of DPG Group, Khalid Al Malik, in a statement, confirmed his decision to restart work on flagship Mudon development in Dubai.
The immediate priority of the group will be to deliver the first phase to retail investors, and Mudon is hoped to be as successful as Layan, Al Waha and The Villa and other residential communities in Dubai. Nearly one-third of units and infrastructure in the first phase of Mudon are partially complete.
DPG had announced sale of nearly 348 Mudon Cairo Townhouses back in the year 2008. These units included 1.4mn square foot cluster of two-storey, four bedroom villas, all within the Cairo section of the project, with a garage for two cars, patio and garden and a first-floor terrace in each cluster.
The word Mudon, translates to cities in Arabic, and incorporates five historic cities – Baghdad, Damascus, Beirut, Marrakech, and Cairo, within a single large city, housing nearly 50,000 people. The project, as planned earlier will house 3200 villas and townhouses and 8500 apartments.
As of now, there is a huge demand in the villa market, with prices constantly on the rise, said the latest Jones Lang LaSalle (JLL) report about Dubai residential real estate market.
The Head of Research at JLL, Craig Plumb, said that the demand for Mudon houses would be driven by quality and service rather than mere prices, competing with other established communities on Emirates Road.
Emaar Properties had launched 62 units in the Alma 2 cluster of Arabian Ranches, in the price range Dh.1.4mn and Dh.2.2mn in the month of June.
Diversified economy, constant population growth and best infrastructure investment, will bring about positive impact on Dubai’s hospitality, retail and residential market, said Bank of America Merril Lynch, in its medium-term outlook report.