Developer modifies Jumeirah Gardens project to suit market needs
Tuesday, March 10, 2009
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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.
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.
Labels: Construction Projects, Jumeirah-Garden-City, Real Estate News
The Dh.351.5bn Jumeirah Gardens project by Meraas under review
Sunday, December 07, 2008
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Meraas Development, the Dubai Government-owned realty company is reviewing the phasing and roll-out of its Dh.351.5bn 'Jumeirah Gardens' project in Satwa district, due to global downturn.
According to a statement by the company, the business strategies and phasing and rollout of Jumeirah Gardens are being reviewed in the most opportune way to cater to the changing requirements of investors.
The mega-project was launched by the company during the Dubai Cityscape exhibition held in October. The project, which had been due for construction over a 12-year period, will include 7 distinct areas, covering 110million square feet of land, including the islands.
One section would comprise the Dubai Park, which will be half the size of Safa Park. The Phase one of the project will cover 820,000 square meters and include low, mid and high-rise office, residential and retail buildings, apart from two hotels and a shopping arena.
It will also include several sky-rise towers, including the 1 Dubai, which is hoped to be one of the largest and tallest buildings in the world.
The Dubai Government has already established a panel to supervise the launch of future realty projects in the emirate, in view of the global economic turmoil. Such a panel has been established for the first time in Dubai.
The panel will however not look at projects that have already been launched, said Nasser Al Shaikh, the Director-General, Dubai Department of Finance.
"No projects will be called off and it will be up to the committee to decide on the launch," Al Shaikh said.
According to a statement by the company, the business strategies and phasing and rollout of Jumeirah Gardens are being reviewed in the most opportune way to cater to the changing requirements of investors.
The mega-project was launched by the company during the Dubai Cityscape exhibition held in October. The project, which had been due for construction over a 12-year period, will include 7 distinct areas, covering 110million square feet of land, including the islands.
One section would comprise the Dubai Park, which will be half the size of Safa Park. The Phase one of the project will cover 820,000 square meters and include low, mid and high-rise office, residential and retail buildings, apart from two hotels and a shopping arena.
It will also include several sky-rise towers, including the 1 Dubai, which is hoped to be one of the largest and tallest buildings in the world.
The Dubai Government has already established a panel to supervise the launch of future realty projects in the emirate, in view of the global economic turmoil. Such a panel has been established for the first time in Dubai.
The panel will however not look at projects that have already been launched, said Nasser Al Shaikh, the Director-General, Dubai Department of Finance.
"No projects will be called off and it will be up to the committee to decide on the launch," Al Shaikh said.
Labels: Jumeirah-Garden-City, Latest News
Old villages in Satwa to make way for Jumeirah Garden City
Thursday, March 13, 2008
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Villages in Satwa, located right behind the skyscrapers on Sheikh Zayed Road, are being demolished by bulldozers, which send warning signals to other thousands of residents that it is high time they find a new place to live.
The vast area between the Satwa Road and Sheikh Zayed road will be cleared of all old houses and will make way for a huge new garden city, reports Gulf News.
The new city, likely to be named as 'Jumeirah Garden City', will be positioned behind the towers from the Trade Center Roundabout to Al Safa Park on the Sheikh Zayed Road.
The project is in its planning and designing stage, and will comprise various canals, gardens and greeneries. The Safa Park will connect the canals to the Dubai Creek extension. These canals will pass through Al Wasl, Jumeirah and Satwa areas.
The project aims to beautify these areas, making them the most attractive areas in the emirate. Huge ponds are also likely to come up in these areas.
The Land Department had already served eviction notices to residents in the decades-old villas in Satwa. The area has families and bachelors living there for almost a decade, due to the cheap rent and proximity to the market.
Majority of the people currently living in the area are families with low-income, who face difficulty in paying higher rents in other localities.
The vast area between the Satwa Road and Sheikh Zayed road will be cleared of all old houses and will make way for a huge new garden city, reports Gulf News.
The new city, likely to be named as 'Jumeirah Garden City', will be positioned behind the towers from the Trade Center Roundabout to Al Safa Park on the Sheikh Zayed Road.
The project is in its planning and designing stage, and will comprise various canals, gardens and greeneries. The Safa Park will connect the canals to the Dubai Creek extension. These canals will pass through Al Wasl, Jumeirah and Satwa areas.
The project aims to beautify these areas, making them the most attractive areas in the emirate. Huge ponds are also likely to come up in these areas.
The Land Department had already served eviction notices to residents in the decades-old villas in Satwa. The area has families and bachelors living there for almost a decade, due to the cheap rent and proximity to the market.
Majority of the people currently living in the area are families with low-income, who face difficulty in paying higher rents in other localities.
Labels: Dubai City, Jumeirah-Garden-City, Latest News
