Dubai Waterfront - the world's largest waterfront development - has begun the handover of its first phase of development to investors.
The first phase is part of Madinat Al Arab, the planned urban downtown at the heart of Dubai Waterfront, a major waterfront city created by Nakheel on the western end of the coast of Dubai. The phase, consisting of more than 200 plots, over a number of different zones of land located on the beachfront near The Palm Jebel Ali, sold out for US$3.54bn (AED13bn) in five days in July 2005.
The handover will be conducted over the next four months, and began this week with a three-day workshop for investors. At the workshop, officials from Dubai Waterfront briefed investors on the site's planning and building approval processes and discussed design plans, affection plans and design control regulations. A detailed process map, explaining the different stages of construction on the site, was also provided. The workshop sessions will be followed by one-on-one meetings between each investor and a number of specialist consultants such as master planners, DEWA and environmental regulation advisors. The sessions are aimed at ensuring a fully coordinated development process between investors and Nakheel. The high level of coordination will continue throughout the rest of the handover which includes investors applying for building permissions for their specific designs, a number of feasibility studies and geotechnical research.
Matt Joyce, Managing Director of Dubai Waterfront, said: "Dubai Waterfront is destined to become a landmark city in the region. We have the luxury of creating this city on a blank canvas, with the site being part-reclaimed land, part-desert. Although this is a luxury, this is also a great responsibility and one we take very seriously. Key to this is our close relationships with our investors, who are our partners in creating this truly remarkable city." Nakheel has sold 70% of the plots of the first phase, and will retain the remaining 30% of land for its own developments. Nakheel will also create all infrastructure and utility aspects of the project.