Bollywood superstar Shah Rukh Khan has reportedly teamed up with an alliance of developers to endorse a AED2.3 billion ($626 million) mixed-used project in Dubai which was first launched in 2008 but was stalled by the global financial crisis.
The movie star has joined up with Aristocrat Star, PAL Developments and Pacific Ventures for their Royal Estates development.
Units will go on sale from August 7 with apartment prices starting at AED450,000 and townhouses from AED1.6m.
The endorsement comes nearly six years since The Royal Estates community was first announced by Aristocrat Star Investments in October 2008.
In a statement published by UAE daily Khaleej Times, Khan said: “Everyone’s story begins in their home and no home is less than a kingdom for its residents. Three renowned and experience organizations Aristocrat, Pal and Pacific Ventures have partnered to develop and present Royal Estates which ensures uncompromised comfort, elegance, safety and a state of the art landscaped serenity that weaves a stellar community. I am delighted to be associated with this project.”
Royal Estates, which will be located in Dubai Investments Park, will house a total of 2,000 units, comprising apartments, villas, boutique retail spaces, an office complex and a luxury hotel.
Phase 1 of the project comprising 400 units is scheduled to be delivered during the first quarter of 2016.
It’s not the first time that the Khans have endorsed real-estate projects in the UAE. In 2008, Khan backed a project in Ras Al Khaimah called Shah Rukh Khan Boulevard which was put on hold soon after its launch.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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