By Daniel Shane
Dubai Properties Group says it will restart work on 348 units at Dubailand; completion expected in 18 months
Dubai Properties Group (DPG) says it will restart work on 348 villas and townhouses at the Mudon development in Dubailand, with completion expected in 18 months.
In a statement sent out on Sunday, Dubai Holding-owned DPG said it had made the decision based on strong demand for “quality villas” in the emirate from residents, as well as regional and foreign investors.
“This is a clear confirmation of the market recovery and Dubai Property Group’s commitment to play an important role in the Real Estate Development of Dubai,” said DPG group CEO Mr Khalid Al Malik.
“Our immediate priority is to delivering this first phase to retail investors, Mudon will be as successful as Layan, Al Waha and The Villa the other residential communities developed by us.”
Announced in 2007 at a projected cost of AED40bn (US$11bn), Mudon was initially intended as 73m sqft mixed use development including 3,200 villas and town houses, 8,500 apartments, in addition to retail outlets, office space, hotels, restaurants and an 11m sqft golf course.
The first phase of the project, which would have housed approximately 50,000 residents across five Arabic themed ‘zones’, was scheduled for completion in 2009, with full delivery in 2012.
A third of units and infrastructure in the first phase are partially complete, according to DPG.
I don't even remember this development as being on the cards before the market crashed! Did many people buy off-plan from this community when the the market was still bubbling? If they did, I'm pleased that they'll see something for their hard earned money at last.
However, I thought there was still a glut, perhaps not of luxury villas, although there will be a pretty big tranche coming on stream at the end of this year from various developments including Jumeirah Golf Estates.
Given the opportunity I would like to ask DPG group CEO Mr Khalid Al Malik why his group can not complete as promised JBR , Executive Towers and "The Villa" project out in Dubai Land. Credibility has been shot to pieces. Announcing with many press releases a stalled project when DPG has still yet to complete many of its other projects is disappointing. How can they expect potential future business when they can not deliver as promised on past projects ?