By Staff writer
Habtoor Leighton Group is awarded contract to build mixed-use development; set for end-2017 completion
Construction will begin shortly on the mixed-use Gate Avenue project at Dubai International Financial Centre (DIFC) after Habtoor Leighton Group (HLG) was awarded the AED500 million ($136 million) contract.
Set for the first phase of completion by the end of 2017, Gate Avenue will include a series of indoor and outdoor themed areas and walkways.
With over 200 dining, boutique, retail and entertainment options, as well as an iconic new mosque, Gate Avenue will span across 660,000 square feet and 880m in total length.
Gate Avenue is already worth AED450 million with the existing truck tunnel and master plan infrastructure in place. Combined with the new contract, this will elevate the full development cost to an estimated AED1 billion, a statement said.
Nabil Alkindi, executive vice president of property development said: “Gate Avenue at DIFC is a highly ambitious project that is seeing the centre develop from a leading financial hub into a prominent lifestyle destination by changing the face of urban development in the region.
"Bringing Habtoor Leighton Group on board as our primary construction partner moves the project into its active development phase and we are excited to see the project physically take shape in the coming months.
"Gate Avenue at DIFC will connect our vibrant and dynamic community of over 21,000 professionals, as well as residents and visitors, in one central location.”For all the latest construction 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.
This is a fabulous project and will transform DIFC. Over the next few years i expect rentals to increase by 20% in DIFC. It will consolidate itself as the no 1 residential location in Dubai.
Since rentals prices are down 15% so prices will get back to where they were 2 years ago.