(MENAFN - Khaleej Times) Meydan and G&Co announced on Thursday the launch of Dh1.2 billion gated community project in a move signifying the rising optimism about the return of Dubai's property market boom.
Millennium Estates, conceived as a new luxury residential development, will be built at Meydan's South Extension.
Mohammad Al Khayat, Head of Commercial and Free Zone at Meydan, said the launch came to fruition three years after the initial Dh370 million land sale announcement, and with delivery to the same timeline promised then.
"We are confident that Millennium Estates will become another world-class development to add to our growing Meydan community portfolio. I would like to congratulate G&Co and its chairman Mr Joseph Ghossoub for their vision and I am confident the development will attract huge interest from investors and homebuyers," Al Khayat said at a Press briefing.
Developers said construction work on the development had already commenced following the ground breaking. Completion and delivery of the project are scheduled for late 2015.
The name of the main contractor will be announced soon, the developer G&Co said.
The gated community will comprise 198 luxury villas built over 3.8 million square feet of land and will be available on a freehold basis. The villas, targeting above middle class, will be offered in three distinct types catering to different taste and lifestyle requirements. They will range in size between 5,400 square feet of livable space and 6,800 square feet, and will enjoy ample garden space for outdoor living. The development will also include spectacular walkways and common parks.
Joseph Ghossoub, Chairman of G&Co, said Dubai's real estate market has shown incredible resiliency over the past few years.
"We believe that Dubai has strong fundamentals that will help it persevere and bounce back and we believe it will only go from strength to strength. Today's launch of Millennium Estates is further evidence of that."
Ghossoub said the Millennium Estates villas that would be sold for an average Dh1,063 per square foot would epitomize luxury and functionality, and attempt to evoke and inspire the spirit of community living. The development will adhere to the Real Estate Regulatory Agency, or Rera regulations in regards to sales processes, including certified escrow accounts, ensuring total peace of mind for investors. Payment plans have been set at 10 per cent on booking, 10 per cent after 60 days, five per vent after 120 days, and the remaining 75 per cent upon handover of the unit.
Featuring bright, open spaces with double-height ceilings and extensive use of large glass panels, the villas were conceptualized with modern design elements, allowing a seamless flow between living spaces. These exclusive villas will feature only premium materials and finishing that will enhance the living experience of homeowners.
Located in Meydan's inner circle, neighbouring the grandstand, the Millennium Estates are set to offer the best of fine suburban living with the convenience of nearby urban destinations, including DIFC, Downtown Dubai and a direct link to Sheikh Zayed Road. Modern, sleek and complete with exquisite finishes, the development is expected to become one of the most sought after in Dubai.
Various reports by property analysts strongly endorse the upbeat outlook on Dubai's property market recovery. Hamptons said in its latest report that residential apartment prices in Dubai started rising in areas including Dubai Marina and Jumeirah Lakes Towers at an average rate of between eight to 10 per cent over the last six months.
Knight Frank, a global property company, said property prices in Dubai rose the second highest globally, registering a 20 per cent increase in 2012. Dubai stands out with strong growth of 20 per cent in the price of luxury villas during 2012... the emirate rebounded in 2012 on the back of a resurgence in demand," it said.
Jones Lang LaSalle, a leading property consultant, expects property prices in Dubai to rise but at a slower pace compared to last year. The prime villa segment saw a 20 per cent rise, while apartments mere seven per cent increase.