The USD270-million development is part of the AED 2 billion (USD 545 million) worth three projects announced by the developer in Dubai.
Dubai-based Al Habtoor Group will issue the tender for its AED 993 million (USD 270 million) Al Habtoor Polo Resort & Club next week, the company's chief executive told Zawya Projects in an exclusive.
"The five star Al Habtoor Polo Resort & Club is going out to tender next week, and we plan to announce the contractor in January," said Mohammed Al Habtoor, vice-chairman and CEO of the group.
On Tuesday (9 December), the family-owned conglomerate announced plans to develop the
project along with the four-star Metropolitan Hotel and the 74-unit Oasis Villas - the last two developments are valued at AED 1.02 billion (USD 278 million).
The Al Habtoor Polo Resort & Club, designed by WS Atkins & Partners, is located on a six-million-square-foot plot along Emirates Road (E-611).
The project will feature a five-star hotel with 136 rooms, 162 bungalows as well as four polo fields, a polo academy, riding arenas and stables with space for 500 horses.
It will be completed in three phases, according to the developer. "The first phase [comprising] the polo fields, will be ready by the end of 2015, followed by the equestrian center and stables by mid-2016, and the hotels and bungalows in early 2017," Al Habtoor said.
Meanwhile, Khatib & Alami is the designer on the 334-key four-star hotel Metropolitan Sheikh Zayed Road (SZR), while Dr. Samir Abdullah Consulting Engineering is the architect on the Oasis Villas compound, which comprises a built-up (BUP) area of 20,947 square meters.
Sun Engineering is the contractor for both projects located adjacent to the existing Emirates International School Jumeirah, also owned by the developer.
The funding for these projects is already in place, according to the developer. "We have secured financing using partly our own cash flow and some through raising finance locally," Khalaf Ahmed Al Habtoor, the group's chairman said on Tuesday, refuting rumors about an impending IPO.
The Al Habtoor Group, established in 1970, has developed several residential, commercial and hospitality projects in the UAE and owns several hotels abroad. It is currently building the 10-million-square-foot BUP area Al Habtoor City worth AED 11 billion (USD 3 billion) in Dubai, which will be completed by the start of 2016.
The group's total revenue growth rate in the past three years was 37 percent, with an average annual revenue growth rate of 12.5 percent. "We expect to see our revenue growth jump to 161 percent, equaling an annual growth of 32 percent [as] all our business sectors have been doing well," the chairman said.
© Zawya Projects News 2014
