Leading Dubai-based real estate developer, ETA Star has announced that it will begin handover of 550 units in the Centrium project in International Media Production Zone (IMPZ) from early 2013, it has been announced.
The Centrium project comprises four towers of single, double, and triple bedroom units, with the towers being inter-linked by bridges. The project aims to cater to demand for mid-income housing.
The General Manager of ETA Star Properties, Mohammed Ali, said that various construction issues pertaining to the project has been resolved. The work has been in progress, and the handover of units will begin by first quarter of next year, he said.
According to investors, the Centrium project was due for completion by mid-2009, but later due to dispute with the contractor and the legal battle that followed, there was delay in progress of the project. The delay has been financially exhausting for many.
However, the ETA said that the company has not cancelled any sales or purchase deals, as majority of investors have agreed to go ahead with the project.
The IMPZ, the first free zone in the world, dedicated to media activities, is located on the Emirates Road, spread along 43million square feet of area.
During a recent report, Jones Lang LaSalle (JLL) mentioned that nearly 6000 new units were completed in the first nine months of this year, while another 17,000 units are likely to enter the market by the year-end.
The major completions during the period 2012-2014 are likely to be in Jumeirah Village, Dubailand, Dubai Sports City, Dubai Silicon Oasis and Al Furjan.