Joining with Mumbai based Lodha Group; Meydan Group will invest $5.7 billion in the real estate sector for developing District One, an integrated township project.
A residential project will be jointly developed by Lodha and Meydan. Both the partners propose to develop a residential project at an estimated cost of $5.7 billion.
Lodha Developers Ltd has already signed the pact with the Dubai firm. The residential project is expected to be developed in Mohammad Bin Rashid City in Dubai.
Dubai, which was once the dream home for many, was shattered by the financial crises in the year 2008. Now the city is showing signs of recovery. There are many upcoming real estate and infrastructure projects in the city.
Under the District One project, there will be commercial projects, shops and tourist locations, etc. other than the proposed 1500 housing units.
Speaking about the joint venture, Meydan Group official said that superior class sports facilities will be incorporated into the project. This will help the residents live a very comfortable life.
While talking to the media persons in a press conference, Meydan Chairman Saeed Al Tayer told that a specified amount of land will be set apart for parks and waterways. He said that 65% of the land will be separated for this purpose.
Nearly 43 million sq. ft. will be the total developed area. With this, the project is expected to be one of the largest in Dubai.
There was no reply from the Meydan Chairman for the questions related to investment. He spoke no word, describing how the fund will be raised by the group.
He said that the estimated cost of the project will be $5.7 billion. The group plans to complete the project within five to seven years. The project will be developed in four phases.
The project is located east to Burj Khalifa, the tallest skyscraper in the world.