Meydan Group of Dubai and India’s Sobha Developers Ltd. plan to build a 1,500-home project in Mohammad Bin Rashid City, the largest real estate development to be revived after the emirate’s property crash.
The companies formed a joint venture to develop the project on 4 million square meters (43 million square feet) of land. The District One development will include shops, tourist attractions and sports facilities and 65 percent of it will be made up of parks and waterways, Meydan Chairman Saeed Al Tayer said at a press conference today.
Dubai, which suffered a property crash in 2008, has seen the revival of large-scale residential, retail and hospitality projects as the economy recovers. Plans announced recently include the world’s largest Ferris wheel on a man-made island as well as five theme parks.
District One will surround a 7-kilometer (4-mile) long lagoon with man made beaches, shops and restaurants lining both of its sides. Al Tayer declined to specify the cost of the project or how it will be financed. He estimated the value of the completed development at 21 billion dirhams ($5.7 billion).
The project will be built in four phases over five to seven years and will be one of the lowest-density residential areas, Meydan said. Sobha is a publicly traded house builder based in Bangalore.
Mohammad Bin Rashid City, known as MBR City, will be built on 5.1 square kilometers of land east of the Burj Khalifa, the world’s tallest skyscraper. The district will include 100 hotels, residential areas and the biggest cluster of art galleries in the Middle East and North Africa region as well as the world’s largest mall. It was set to be developed by Emaar Properties PJSC as well as Dubai Holding LLC. The companies said they will build villas set around an 18-hole golf course in a Dec. 9 statement.