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| Dubai |
Sama Dubai, the international real estate development and investment affiliate of the government owned Dubai Holding, has announced the launch of their new waterfront property project 'The Lagoons' to be built along the Dubai Creek. The overall cost is expected to touch Dh65 billion. 'The Lagoons' will be spread over an area of 70 million square feet. The project is set to offer freehold property with 100 per cent ownership to all nationalities. Half of the project will be sold to third party investors as land plots for development. The remaining 50 per cent of the area will be developed, marketed and managed by Sama Dubai.
Mohammad Al Gergawi, UAE Minister of State for Cabinet Affairs and Executive Chairman of Dubai Holding, stated: “'The Lagoons' project is one of the biggest real estate projects being undertaken and is aimed at creating a unique development which will reinforce and strengthen the positioning of the UAE and particularly that of Dubai as an international centre of business, trade and tourism."
The project comprises seven beautifully landscaped islands housing residential units, shopping centres, office buildings, and marinas. These detached islands will be interlinked with bridges. The venture will also incorporate a unique work environment with its own Central Business District (CBD) where multi-nationals and regional corporations could establish their headquarters. It will include ‘themes of environment’, parkland and open spaces, resorts, five-star hotels, commercial towers high-end villas and uptown apartments, Dubai's first opera house Planetarium, Museum, Art Centre and Theatre.
Farhan Faraidooni, Chief Executive Officer of Sama Dubai said: “Sama Dubai is working in cooperation with Dubai Municipality to explore ways to protect and enhance the wildlife sanctuary in Ras Al Khor to ensure that 'The Lagoons' and the sanctuary are fitting neighbours.” 'The Lagoons' is one of the first projects in Dubai to undertake a comprehensive Integrated Environmental Impact Assessment (EIA) abiding by international standards across all phases of the project.
