Dubai: G&Co, a Meydan City subdeveloper, said construction has begun on a Dh1.2 billion luxury villa development on Meydan’s south extension that is expected to be completed and delivered by 2015.
It has secured funding for the Millennium Estates project from a “major lender in the local market,” Zafer Taher, chief executive of G&Co, said yesterday in a joint press conference with master developer Meydan to officially launch the project.
The Millennium Estates project is a gated community of 198 luxury villas built over 3.8 million square feet of land that G&Co purchased from Meydan in 2010. Property will be available on a freehold basis.
The villas will range in size between 5,400 square feet to 6,800 square feet of living space and the price per square foot is Dh1,063 in gross floor area, said Joseph Ghossoub, Chairman of G&Co.
This means villa prices roughly range from Dh5.74 million to Dh7.2 million, depending on the size.
G&Co is expecting to investors to come “predominantly” from the local market but also the GCC and Subcontinent, said Taher. “We are hoping that it will be mostly end-users and we are marketing it to end-users.”
Payment plans have been set at 10 per cent on booking, 10 per cent after 60 days, five per cent after 120 days and the remaining 75 per cent on hand over of the units, G&Co said in a statement.
The contractor on the project is yet to be announced. Meydan, the master developer of Meydan City, will be in charge of infrastructure and G&Co of the villas.
“When we first announced the land purchase agreement with Meydan three years ago, many people were doubting the project and even thought it would never see the light of day. But we didn’t, we never did,” Ghossoub said, adding that Dubai’s real property market showed “incredible resilience”.
“Dubai as a destination, both regionally and globally, for investors and business and real estate has never felt better than it does today,” he said.
The gated villa community is located in Meydan’s inner circle, close to Meydan’s Grandstand deep into Nad Al Sheba on the Emirates Road side. The villas have been designed in three different styles and include garden space. The development has walkways and parks and is part of Meydan City.
Last year Meydan, the company behind the famous race course and hotels, also announced the Hadaeq Shaikh Mohammad Bin Rashid project, a “green living” community development.
Mohammad Al Khayat, the head of commercial and free zone at Meydan, said this and other developments in Meydan City are not in competition with the Millennium Estates project because they address different end-users, designs and prices.