Dubai, 21 Dec, 05 (WAM) - A new media production cluster inDubai has attracted Dh7 billion in direct investment, said itstop official.
The International Media Production Zone (iMPZ), Dubai's newestmedia production facility has sold almost all of its 36 residentialunits that together will require Dh3.6 billion, according toa report in Gulf News.
"Each residential tower is worth Dh100 million as a conservativeestimate. That's roughly Dh3.6 billion in the residential clusteralone," Hamad Al Huraiz, iMPZ's director of operations, said, according to the report.
ETA Star has announced a Dh400 million four-tower project atthe iMPZ's residential area that will see the construction of570 units. Damac Holding has bought eight plots at the iMPZ.
"We have already sold out 24 out of the 36 plots so far, withthe remaining to go in a few week's time." That is in additionto the Dh2.5 billion investment that is being pledged by investorsin the industrial and pre-build clusters.
With an initial investment of over Dh1 billion, iMPZ is beingdeveloped on 43 million square feet on Emirates Road and is targetingcompletion by the third quarter of 2007. Apart from the iMPZinvestment, printing and packaging companies are expected toinvest Dh1.5 billion in machinery alone.
While the industrial plots have been completely leased out,iMPZ has commenced reservation of pre-built units. Set on 2.3million square feet, the pre-built units, comprising state-of-the-artwarehouses and showrooms, are being developed at a cost of Dh300million.
In total, the facility has attracted Dh7 billion in direct investment.
Tenders for the main construction package for the 18-storeyPublishing Tower will be floated next February. Dubai-based Archonhas been awarded the consultancy for the project the first amongiMPZ's 11 Media Towers that will be constructed in the comingyears.
It is currently negotiating with a number of developers on itsLake District, that will house hotels, retail outlets, officeand commercial towers.
