Meydan Sobha unveiled the show villas at its $10 billion Mohammed Bin Rashid Al Maktoum City - District One project near Dubai’s Meydan Racecourse to the public for the first time on Thursday.
In an exclusive tour for shareholders and the media, Meydan Sobha revealed the three villa styles on offer to prospective buyers: ‘Mediterranean’, ‘contemporary’ and ‘modern Arabic’.
Each design is available as a four-, five- or six-bedroom villa with prices starting at $4.2 million (AED15.5m) and rising to around $6.9 million (AED25.5m). Larger ‘mansion’ villas, not displayed during the tour, are being sold for in excess of $25 million (AED90m) – making them some of the most expensive in Dubai.
Four-bedroom villas are around 6,200 sq ft in size, five-bedroom villas around 7,300 sq ft in size and six-bedroom villas span upwards of 8,000 sq ft.
The developer claims the first phase of 267 villas and a chunk of phase two – a further 364 villas – have already been sold via word-of-mouth marketing, with buyers representing at least 80 nationalities, including Emiratis and other GCC families, Indians, Brits, Russians, Canadians, Americans and North Africans. There has also been interest in the villas from members of royal families from the Gulf and beyond, the developer said, adding that fifty percent of the cost of a villa is required upfront.
Service charges are yet to be worked out, but as the low-density development is 60 percent open spaces across a 1,100 acre site, with an 8.8km cycle track circling the scheme and a seven kilometre ‘Crystal Lagoon’ for swimming, kayaking and other activities, annual costs to residents are likely to be hefty - though Meydan Sobha
insisted they would be in line with their other luxury villa complexes. The lagoon, surrounded on all sides by a man-made sandy beach, has been equipped with technology that gives it a constant “ripple” effect intended to prevent the water from stagnating.
The first two phases are scheduled to complete by the end of 2017. However, Meydan Sobha’s founder and chairman PNC Menon said it was reluctant to put a timeframe on the third and fourth phases “while Dubai’s real estate cycle is at a low point”.
Under the plans, the third and fourth phases will comprise the same mix of four-, five- and six-bedroom villas, along with a hotel, retail and other lifestyle-related components that are yet to be determined.
PNC Menon also revealed that there will be an announcement later this year of a “special new addition” to the scheme, which is located on a site approximately three kilometres east of the Burj Khalifa. It is understood that the “addition” will take the form of a family-focused entertainment or leisure facility, though the deal has yet to be signed and Meydan Sobha would not be drawn on the details.
“You cannot repeat this project elsewhere in Dubai – it’s about location, location, location and ‘super-luxury’ design,” said PNC Menon.
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