| 02 Dec 2008 |
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Meraas reviews $95bn Jumeirah Gardens
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Dubai Government-owned Meraas Development is reviewing the "phasing and rollout" of its $95 billion (Dh351.5bn) Jumeirah Gardens project in the Satwa district amid the global downturn, a spokesperson said.
"We are simply reviewing our business strategy, as well as the phasing and rollout of the Jumeirah Gardens project to make sure the development proceeds in the most opportune way to meet changing investor needs," the spokesperson said in an e-mailed statement .
Meraas said there will more "clarity and details" on the Jumeirah Gardens "master plan and the product roll-out" at the start of next year.
The company launched the mega-project at Dubai's Cityscape exhibition in October. The project, which was due to be built over 12 years, will comprise seven distinct areas, taking up about 110 million square feet of land, including the islands.
One section will host Dubai Park, which will be half the size of Safa Park.
Phase one of Jumeirah Gardens will cover around 820,000 square metres. It will comprise six main blocks of high-, mid- and low-rise office, retail and residential buildings, two hotels and a high-end shopping area.
It will also include a number of sky-rise towers, including 1 Dubai, "set to be one of the tallest and largest buildings in the world", Meraas said at the time of the launch.
The Dubai Government has formed a high-level committee that will oversee and decide on the launch of future real estate projects in the emirate in view of the global economic slowdown.
"For the first time, a committee has been formed to oversee the real estate development in Dubai and help synchronise projects of various developers with the intention of securing future supply," Nasser Al Shaikh, Director-General of the Dubai Department of Finance, had told Emirates Business.
The panel will not be looking at projects that have already been launched, Al Shaikh said, adding, "no projects will be called off, and the committee will only decide on anything to be launched".
Earlier this month, analysts at HSBC said property asking prices in Dubai fell four per cent in October from September, the first price decline since the emirate gave foreigners the right to buy property six years ago.
Prices for "affordable" off-plan properties could pick up in the second quarter of 2009 if banks increase lending, Marwan bin Ghalita, Chief Executive Officer, Real Estate Regulatory Agency, said. Ghalita said the agency would enforce a law on the registration of off-plan property sales.
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