Apr 02 2008 |
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Nakheel commences development work on Veneto phase of Waterfront
Nakheel , the real estate arm of Dubai World, has commenced development work on the Veneto phase of the Waterfront, and sales for the project are expected to begin by end of the month.Veneto will cover an area of 214 hectares and have a built up area of 857,835 sq ft. The phase is scheduled for completion by 2012 and will have a resident population of more than 13,900 people, according to a
Nakheel
presentation.
Following the launch of Veneto,
Nakheel
will launch sales of the stage one of Badrah in May, a spokesperson told Emirates Business. The phase will cover an area of 575 hectares and will be completed by 2012.
The first phase of Madinat Al Arab was sold out for $3.5 billion (Dh12.8bn) in 2006. Major civil works and infrastructure has commenced, while the phase will be completed by 2015.
Last month, the company revealed the masterplan for Waterfront City, which will be the centrepiece of the development. Covering a land area of more than 330 hectares, Waterfront City consists of a central island surrounded by four neighbouring districts - the Boulevard, Madinat Al Soor, the Resort and the Marina.According to Nakheel , it was making significant progress at Waterfront with more than 20,000 workers and 3,000 construction vehicles on site and a quarter of the earth works already completed.
More than 40 million cubic metres of land has been graded in little more than a year and approximately 30 per cent of the first 400 hectare island has been reclaimed, with reclamation under way on further islands.
The amount of land being reclaimed each month is 3.52 million cubic metres, which is enough to fill Wembley stadium three times.
The Number
214: Hectares will be area covered by the Veneto development. The phase is scheduled for completion by 2012.
© Emirates Business 24/7 2008
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