Dubai : Dubai Pearl, a 1.85 million-square-metre mixed-use luxury development implemented by Pearl Dubai F Z LLC, is set to be complete by 2013.
Abdul Majeed Esmail Al Fahim, chairman of Dubai Pearl, announced that in order to reach completion, the project has adjusted to the financial environment. "We at Dubai Pearl have emphasised prioritising the following key areas in order to adapt to the economic scenario: a focus on the steady progress in the construction and the delivery of the project, flexible and tailor made payment plans to our investors, close and transparent relations with our investors and partners, and an intensive campaign to raise awareness on all the project's components."
The $4 billion (Dh14.6 billion) development is located on the fringes of the Dubai Technology and Media Free Zone, a business cluster operated by Tecom Investments and home to global IT and media companies.
Promoting itself as a walkable city, 56 per cent of the total land mass comprises of open space with 45 per cent of the project area landscaped. The development aims to be a luxury free zone and freehold development with easy access to transport links, private beach club on the World Island.
Dubai Pearl's signature structures are its four separate towers connected together at the top to form one skyscraper rising 300 metres.
Other components include residences, hotels entertainment facilities under global names such as Baccarat, Bellagio, MGM Grand and Sky Lofts.
Dubai Pearl's partnership with luxury brands Baccarat for the Baccarat Hotels and Residence, and MGM Mirage for the Bellagio hotel, MGM Grand Hotel and Skylofts hotel aims to create long term value for the developments' stakeholders.
The hospitality sector of hotels makes up 16 per cent of the total GFA, while the 1440 residential units and 618 serviced apartments make up 40 per cent. The commercial section of Dubai Pearl which is 1380 office units is 33 per cent of the total GFA, while retail is 8 per cent and leisure 3 per cent.
Originally slated for completion in 2007, the Dubai Pearl was delayed when the original developer ran out of funds. After no construction for almost a year, a new developer was chosen and the project which is in three phases will have its first handovers commencing in December 2011. All the phases are scheduled to be complete in 2013.
The Dubai Pearl is expected to hold approximately 9,000 residents with its commercial sector employing approximately 12,000 employees.
Units have been sold to almost 40 nationalities with over 90 per cent of the released property sold, the equivalent of 60 per cent of the project's sellable area as of last May.
The Dubai Pearl will incorporate sustainable development features and is aiming for Golf LEED certification,
Al Fahim believes the financial climate in many ways has worked well for the Dubai Property sector. "If we examine the real estate sector, which contributes to around a third of our economy, we notice that positive trends were born [from the economic climate].
"Many speculators are now out of the market and have given way to serious end buyers, investors and customers are more discerning and sophisticated in their choices, which has led to improved resolutions in the real estate market.
"Many real estate companies are more flexible in their offerings, companies are offering easier payment plans, thus retaining their serious buyers, most developers now resort to serious contemplation and careful research before undertaking massive projects."
Location- Dubai Technology and Media Free Zone
Estimated development value- $4 billion
Total land mass- 20 million square foot