Dubai-based ETA Group is targeting high and ultra high net worth individuals for its Dubai Lifestyle City in Dubailand, which was officially launched yesterday.
The project, announced in January 2006 with a value of Dh1 billion, is now pegged at Dh2.4bn.
ETA executives said that was due to additional luxury components and the increased cost of construction.
"We didn't want to launch a project on paper. Now, we have all the approvals and so we have launched it. Taking into account the increase in construction cost and the added luxury components, its value has gone up," said Raza Siddiqui, Executive Director of Lifestyle City.
Covering more than four million sq ft, Lifestyle City will have 68 Tuscan-themed villas and 120 'villettes' besides sports and recreational facilities such as a golf course, auditorium and theatre.
ETA has tied up with brands such as JW Marriott and IMG Academies, while Microsoft and Cisco will provide the backbone for a digital lifestyle, the company said.
Lifestyle City will contain a 170-room JW Marriott, a 150room Courtyard, and a 100,000-sq-ft shopping mall.
Beverley Hills designer Tony Ashai has designed the Tuscany style of architecture for the city, which is reminiscent of the Renaissance era.
"It is for the rich and famous. People can buy property in Lifestyle City on invitation only," said Arif B Rahman, Managing Director of Lifestyle City.
The villas are priced between Dh20 million and Dh40m. "We will complete the project in July 2009," Rahman said.
By Parag Deulgaonkar
© Emirates Today 2007
