An alliance of three developers have revealed plans to build a AED2.3 billion ($626 million) mixed-used project in Dubai Investments Park.
Aristocrat Star, PAL Developments and Pacific Ventures said that Royal Estates will house 2,000 units, comprising apartments, villas, boutique retail spaces, an office complex and a luxury hotel.
The Royal Estates will go on sale from the first week of August with apartment units starting at AED450,000 and townhouses from AED1.6m, a statement said.
Atiq Merchant, director, PAL Developments, said: “The Royal Estates community provides a sanctuary of purposefully designed spaces complimented by inspired aesthetics that celebrate the innovation and modernization that are synonymous to Dubai today.”
He added: “It presents an outstanding opportunity, providing a range of choices for investors and home owners in a locale where demand is expected to rise ahead of the Dubai 2020 Expo.”
Osman Valli, chairman, Aristocrat Star Real Estate Development, called the project a "step above the rest", adding: "We are excited about the venture and commit our best to all investors from quality to delivery."
The project sales will start on August 7 and phase one of the project comprising 400 units is expected to be delivered during the first quarter of 2016.
“Considering the attractive introductory price points we have finalized, Royal Estates has all that it takes to become every family’s dream home,” said Parvez Khan, chairman, Pacific Ventures.
Pacific Ventures, which was set up in 2011, has existing Dubai projects called Burj Pacific and Pacific Village while Aristocrat established their presence in the UAE in 2001 and PAL Developments has several projects over a built up of 4 million sq ft.