Dubai Holding's flagship residential development, Madinat Jumeirah Living, located in the Madinat Jumeirah district is on track for timely handover in the second quarter of 2021, according to a press statement.

Announced in 2018, the 3.85 million square feet destination broke ground in 2019.

The statement said the first phase, which consists of two residential buildings, is 63 per cent complete, and is scheduled to be delivered by the second quarter of 2021. Phase 2, comprising of three residential buildings, is 42 percent complete, and will be delivered by third quarter of 2021.

Dubai Holding said overseas investors purchased 43 percent of the units on offer at Madinat Jumeirah Living.

The 54-building master development is the first freehold residential development in Umm Suqeim.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

© ZAWYA 2020