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UAE developer Emirates Reportage Development & Investment has acquired two land plots for developing two large-scale gated residential communities in Angola, with construction slated to start in June next year.
The combined 10.8 million square feet (sq.ft.) of land plots were purchased from Dubai Investments Park (DIP Angola), the first fully integrated economic zone in the African nation, according to a press statement by the DFM-listed Dubai Investments, which is developing the 2,000-hectare economic zone.
Reportage Group will invest 1.8 billion UAE dirhams ($500 million) in developing the two projects. Each of the two gated communities will span 5.38 million sq. ft.
The ocean-facing community will feature a boutique hotel with 60 rooms, 2,050 luxury villas and 4,000 sq. m. of retail community space.
On the other hand, the hilltop community will include 2,500 medium to high-finish townhouses and 4,000 sqm of retail space.
Engineering activities have already commenced. The project will be delivered in phases, with the first handovers expected in the fourth quarter of 2029 and full completion by the fourth quarter of 2030.
Emirates Limited Investment and Development Company, a partner company of Reportage Group, will oversee and manage the development process, from planning and engineering to execution and delivery, the statement said.
(Writing by P Deol; Editing by Anoop Menon)
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