The residential segment of the Dubai-based Al Habtoor City project will feature upscale urban living including penthouses that could sell for USD 250 million each.
Al Habtoor announced the addition of a USD 1.7 billion residential component to Al Habtoor City, which raises the project value from AED 4 billion to AED 11 billion (USD 1.1 billion to USD 3 billion). Construction is underway, with the tender for Phase II of residential construction expected later, a company official told Zawya.
In addition to the earlier announced hospitality components - three hotels and a theatre - already under construction, the 10 million square feet (BUP) Al Habtoor City will now also feature a residential complex featuring three residential towers, making it the largest project of its kind under construction in the world today, according to the developer. The project is slated for completion by the end of 2015 or beginning 2016.
The residential component will be constructed in two phases. Contractor Habtoor-Leighton will start work on Phase I, which includes shoring and piling, this week, according to Al Habtoor's chairman, Khalaf Al Habtoor. "Phase 2 will consist of the construction of the buildings. We will put out the tender for this work at a later stage," he said.
"The project value has gone up from around AED 4 billion to AED 11 billion. We have the financial capacity, depending on our own cash flow, to finance the project. However, if there are banks willing to finance and offer good rates, they are welcome to start discussions with us," said Al Habtoor.
The new residential complex, which would run alongside the planned Dubai Water Canal project - a 3km-long mega project that passes under Sheikh Zayed Road - will feature its own marina designed by WS Atkins and to be managed by Asteco Real Estate Services. It will also have three buildings, two 74-floors residential blocks and one 40-storey tower housing up to 1,460 apartments.
The eleven penthouses include three simplex and six duplex, as well as two four-storey VIP penthouses. "We don't have plans to sell the VIP penthouses. But if we did put them on the market, we plan to sell them for above USD 250 million (AED 900 million)," says Al Habtoor.
He added that the residents can avail of all expected amenities, including several pools, a crèche, a Tennis Academy and a retail boulevard. "We are currently studying how to cool the boulevard area to a decent temperature so people can use it all-year around," says vice-chairman Mohammed Al Habtoor.
© Zawya 2013
