By Beatrice Thomas
Prices in the sought-after location fetched as much as $8m, the developer revealed
All 120 plots in the Meydan Business Park have been sold out with the prices in the sought-after location fetching as much as AED30m ($8.17m), the developer revealed.
The land area formerly designated as Diamond Business Park is envisaged to become a lush, green, upscale residential community of townhouses and low-rise family apartments featuring a waterfront promenade.
Speaking at Cityscape Global, Mohammad Al Khayat, Meydan head of commercial and free zone, said the G+4 development, between Meydan Racecourse and the proposed Mohammed Bin Rashid City District One, had attracted property investors looking for a reoccurring income.
“We had approximately 120 (lots) and we’ve sold it out just before Cityscape,” he said, added that about 80 to 90 lots sold within two months of hitting the market.
“The unique thing about that is what we have seen in the market, a lot of investors wish to have their own building for reoccurring income purposes.
“The majority are looking in the range of AED25m to AED30m, where they can actually own a ready building.
He said plots of land averaged 15,000 square foot on average with a total floor area of 37,500sqft.
“So looking at that, to construct it, it’s costing maximum, including fees, services, consultants’ fees, around AED15m ($4.08m) and the plot land is around AED10m($2.72m).”
Meydan on Tuesday launched a residential joint venture with Meraas for Dubai’s canal development, as well as 444 apartments for its Entisar Tower on Sheikh Zayed Road.
The developer said Meydan Heights, the premium residential development created in partnership with Emirates Airline for their pilots and families, was “comfortably on schedule to commence handover at the end of 2013”.
The private community of 528 townhouses will include amenities such as a mosque, club house, community centre, retail, green park and playground areas.
Racecourse Villas, the luxury development of 70 private lands for signature villas in a unique gated community with a private clubhouse and overlooking the Meydan Golf course, has sold out completely to multiple developers, Meydan said.