Dubai Properties takes wraps off $11bn project

CITYSCAPE: The 678-hectare Mudon development to be built in Dubailand.
Dubai Properties takes wraps off $11bn project
By Amy Glass
Wed 17 Oct 2007 03:44 PM

State-owned Dubai Properties on Wednesday unveiled its much anticipated $11 billion project, a 678-hectare mixed-used development to be built in Dubailand, a colossal entertainment and leisure complex being constructed on the outskirts of the city.

Mudon will house almost 50,000 people and include a range of villas, town houses and apartments, as well as a 93-hectare golf course.

The project will be done six phases and is scheduled for completion by 2012. Phase one and two of the project are underway and anticipated to be finished by the end of 2009.

The design of the development will be themed around five prominent Arab cities, including Damascus, Marrakesh, Cairo, Beirut and Baghdad.

Mohamed Binbrek, CEO at Dubai Properties, said the developer chose these particular five cities in an attempt to "bring the past into the future".

Binbrek said the project would be entirely self-funded and dismissed claims that the developer is set to go public with an initial public offering (IPO) in the near future.

He also said the developer is confident demand still exists for such residential projects, despite recent speculation about oversupply and a significant property price correction in Dubai during the next few years.

The launch of Mudon follows Tuesday's unveiling of Dubai Properties' latest development within Business Bay, the $1 billion Bay Square.

The 46.5-hectare development will be made up of 13 buildings, including a Boutique Hotel and an exclusive residential tower.

Other Dubai Properties projects include the Business Bay Vision Tower and Executive Towers, Culture Village, the Jumeirah Beach Residence and The Villa and Al Waha Villas in Dubailand.

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