Meydan Dubai, one of the largest integrated racing, business and lifestyle hubs in the world, will hand over homes in Millennium Square, the first-of-its-kind semi-detached freehold luxury villa project in the city, in 2017, it was announced on Sunday.
The project, to be developed by G&Co at an estimated value of AED3 billion ($816 million), will offer freehold villas with prices starting at AED4,348,750 ($1,184,946), a statement said.
The project will be handed over in the last quarter of 2017, according to the statement, which added that off-plan villas will be sold on a 30/70 payment plan that allows the buyer to pay 30 percent in the first 12 months and 70 percent at the time of receiving the completed property.
Investors of any nationality, irrespective of their residency status, can buy the Millennium Square freehold property and will then have full rights to the property, including the right to sell, lease or rent.
Kalpesh Sampat, director of SPF Realty, which is selling the project, said: "We have received overwhelming response from investors for Millennium Square, a unique project in Meydan Dubai.
"We are once again selling the product very well, as the city's real estate market continues to attract investors from around the world."
He added: "This marquee community redefines elite living for those looking to live in glamorous, exclusive surroundings and enjoy breathtaking nature."
The semi-detached villas comprise of four bedrooms plus a maid's room with a built up area of 3,479 square foot. Amenities in the project include a community centre, swimming pool, gymnasium, play areas, parks, mosque and shops.For all the latest real estate 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.