EXCLUSIVE: $6.4bn luxury residential development has 'more billionaires than anywhere in world'.
A Dubai property developer claims its new $6.4 billion luxury residential development has attracted more billionaires than anywhere else in the world.
The super-rich are snapping up villas and apartments within Al Barari, a mixed-use scheme in the royal area of Nad Al Sheba, located off Emirates Road in Dubailand.
“We have more billionaires per square metre than anywhere else,” said Zaal Mohammad Zaal, chairman of Al Barari, the developer behind the project of the same name.
“Most of our buyers are what you call old money. They are end-users, we hardly have any speculators.”
He refused to give more details about the buyers, adding “they love their privacy these people".
With more than 300 secluded villas surrounded by trees and lakes spread over 14.2 million square feet, Al Barari is considered to be the lowest density development in the region with over 80 percent un-built area.
The price of a villa starts from $10.3 million, with prices of apartments ranging from $1.4 million to $4 million.
Phase one of the project, which is 75 percent complete, is made up of 300 villas.
Infrastructure and earthworks will start at the end of the year on phase two, which includes a six-star boutique hotel, 32 villas, a spa and resort, apartments, shopping areas, gardens, a grand mosque and a cultural village.
Zaal said 200 villas had already been sold from phase one and demand was high for phase two.
The entire scheme should be completed by the end of 2011.