The joint venture between government-owned developer Meydan and private firm Sobha Group has announced that it will begin sales of apartment buildings at phase three of its Mohammed Bin Rashid City District One development in Dubai. The joint venture said it will start selling one-, two- and three-bedroom apartment blocks at a project that was initially billed as a $5.7 billion, 1,400-villa community when it was launched in 2013.
The first two phases were largely made up of villas and mansions, but Sobha Group founder and chairman PNC Menon said that the launch of smaller units in phase three was "a response to demand for low-rise apartment options in the heart of the city centre".
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District One Residences, a new low to mid rise apartment concept in Mohammed Bin Rashid Al Maktoum City – District One, will be launched at Cityscape Global
"We expect to receive a good deal of interest from end users and investors alike, who recognise that luxury waterfront apartment living can offer excellent returns and unrivalled residential experiences.”
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The joint venture partners said that residents were now beginning to move into homes that have been built as part of phase one of the 45 million square feet project.
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"Our community has started to come to life with the first residents moving in earlier this year," said Saeed Humaid Al Tayer, the chairman and CEO of Meydan.
