Construction on a Dh.1.2bn luxury villa development on the south extension of Meydan has begun, and will be ready by 2015, revealed G&Co., a Meydan City sub-developer.
It has secured funding for the project from a major lender in the local market, said Zafer Taher, the Chief Executive Officer at G& Co., during the launch of the project.
The land for Millennium Estates project was purchased by G&Co from Meydan in 2010. The Millennium Estates is a gated community comprising 198 luxury villas, spanning across 3.8mn square feet of land. The property will be available on freehold basis.
The villas range in sizes from 5400 sq.ft. to 6800 sq. Ft. of living space, with price of Dh.1063 per square foot in gross floor area, said Joseph Ghoussoub, Chairman of G&Co.
The prices of real estate properties in gated community near Meydan’s grandstand range from Dh.5.74mn to Dh.7.2mn.
Payment plans have been set at 10 percent on booking, 10 percent after 60 days, 5 percent after 120 days, and remaining 75 percent during handover of units, said G&Co in its statement.
The project contractor is yet to be announced. The infrastructure works will be handled by Meydan, the master developer of Meydan City. Located in the inner circle of Meydan the gated villa community, is located in proximity to Meydan Grandstand, deep into Nad Al Sheba along the Emirates Road.
The villas have been designed in three different styles, including gardens pace. The development has walkways and parks that form part of Meydan City.
Last year, meydan announced the Hadaeq Shaikh Mohammad Bin Rashid Project, a green-living community development.
The Head of Commercial and Free Zone at Meydan, Mohammad Al Khayat said that these and other developments in Meydan City are not competing with one another, as they cater to various end-users and have different designs and prices.