Dubai-based Meydan Group is set to embark on an ambitious residential project in Dubai's Mohammad Bin Rashid City, collaborating closely with Mumbai's Lodha Developers Ltd. The estimated investment for this groundbreaking initiative stands at an impressive $5.7 billion.
The joint venture, forged between the two developers, promises to encompass not only the construction of around 1,500 homes but also the inclusion of retail outlets and tourist destinations, creating a vibrant community. In addition to residential spaces, plans include various sports facilities that are poised to enrich the lives of future residents, making leisure activities conveniently accessible.
During a recent press conference, Meydan Chairman Saeed Al Tayer elaborated on the project's vision, revealing that approximately 65% of the allocated land will be dedicated to lush parks and picturesque waterways, enhancing the natural beauty of the environment residents will inhabit.
The undertaking aims to cover nearly 43 million square feet within the District One project, marking it as one of the largest real estate ventures in Dubai to date. This development is seen as a harbinger of the potential revitalization of Dubai's real estate market, which faced a downturn in 2008, following a significant crash. In recent times, however, the city has started showing signs of economic recovery.
With the rebound in the economy, sectors such as hospitality, retail, and real estate are witnessing a gradual influx of new projects. Despite inquiries regarding investment schemes and specific project costs remaining unanswered, the Meydan chairman confirmed the overall estimated expense of $5.7 billion for the project.
Organized into four distinct phases, the development is projected to reach completion within a span of five to seven years. Mohammad Bin Rashid City, often referred to as MBR City, is strategically located east of the iconic Burj Khalifa, further accentuating its significance in Dubai's skyline.