Dubai developers Meydan and Meraas will undertake a 40 million sq ft development as part of the ambitious new Dubai Canal Project launched last week.
Mohammad Al Khayat, Meydan's head of commercial and free zone, told reporters at Cityscape Global on Tuesday that the joint venture, which was valued at about AED30-35bn ($8.62bn-$9.53bn) in sales, would be for residential development on both sides of the canal.
The $545m, 3km canal, announced by the Dubai Government last week, will extend from the Business Bay district, cross the Sheikh Zayed Road, between Safa and 1st Interchanges, and will pass across Safa Park and Al Wasl Road and terminate at the Arabian Gulf.
Al Khayat said there would be 9 million sq ft in residential, comprising 4,500 serviced and residential apartments, including some in high-rise along the boardwalk, as well as 44 townhouses and 19 villas.
The retail component, he said, would comprise 400,000 sq ft and stretch from Sheikh Zayed Road to Jumeirah Beach. A further 700,000 sq ft would be office space, with a dedicated sports centre also planned.
As part of the project, Al Khayat said Al Safar Park will be extended, but will remain a public park. He said Jumeirah Beach Park will also be extended, providing more beach for the public.
There will also be 120 berths for boats at Jumeirah Beach.
“Safar Park has been one of the main attractions for people to walk around, so we wanted to extend that as well as extend the lifestyle all the way to the beach,” Al Khayat said.
Al Khayat said the project, like Meydan's Entisar Tower on Sheikh Zayed Road, was a freehold development to be developed and sold with a “recurring income”.
He said a contractor, through the RTA, had already started work on Sheikh Zayed Road.
“The low-rise development, I would say, is straight forward. But, when it comes to the high-rise development it needs some work.”
He said he believed traffic impact during construction could be managed with new infrastructure. However, it was a matter for the RTA.
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