Apr 10 2007 |
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Dubai Waterfront first phase handover
Dubai Waterfront - the world's largest waterfront development - has begun the handover of its first phase of development to investors.The first phase is part of Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront, a major waterfront city created by Nakheel on the western end of the coast of Dubai. The phase, consisting of more than 200 plots, over a number of different zones of land located on the beachfront near The Palm Jebel Ali, sold out for AED13 billion in five days in July 2005.
The handover will be conducted over the next four months, and began this week with a three-day workshop for investors. Matt Joyce, Managing Director of Dubai Waterfront, said: "Dubai Waterfront is destined to become a landmark city in the region. We have the luxury of creating this city on a blank canvas, with the site being part reclaimed land, part desert. Although this is a luxury, this is also a great responsibility and one we take very seriously. Therefore, we're focusing on ensuring that design, planning and construction are conducted in the most efficient and most sustainable way possible. Nakheel has sold 70 per cent of the plots of the first phase, and will retain the remaining 30 per cent of land for its own developments.
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