Business | Property
Lagoons set to open on-site sales by year end
Sama Dubai completes 95% of the water-edge paving on The waterfront development.
- By Saifur Rahman, Business Editor
- Published: 00:01 September 15, 2008
- Sama Dubai said it has completed over 95 per cent of the water-edging work on The Lagoons waterfront.
- Image Credit: Supplied picture
Dubai: Sama Dubai, the development arm of Dubai Holding, whose portfolio has now risen to $60 billion, yesterday said it has completed over 95 per cent of the water-edging work on The Lagoons waterfront.
The Lagoons is a 70 million square foot waterfront project on the Dubai Creek.
The announcement comes a few weeks after Dubai's Public Prosecutor confirmed four officials of The Lagoons project were detained, including chief executive Abdul Salam Al Merri, for questioning.
Farhan Faraidooni, executive chairman of Sama Dubai, told Gulf News his company has taken steps to bring back investor confidence, following the investigations.
"As a member of the region's leading business conglomerate, Dubai Holding, we are committed to protect the interests of our customers, our investors and our business partners," he said.
"Construction work at The Lagoons is continuing as scheduled, and so will all other related activities."
With the excavation of canals almost complete and land reclamation in the final stages, Sama Dubai estimates the seven landscaped and interconnected island districts that comprise The Lagoons will be surrounded by creek waters by the end of 2009.
Sama Dubai last year announced a joint venture with EC Harris - an international project management consultant - to spearhead its projects.
"As a master developer, Sama Dubai's strategy is to develop various areas of the project through strategic partnerships with select third party developers," the company said.
"The preparedness of the site to flag off construction activities is being demonstrated with several third party [sub] developers mobilising contractors to commence construction on their plots at The Lagoons.
"Last April, National Properties broke ground for its low-rise Flamingo Creek residential community at the award winning development,"
The self-contained urban development in Dubai has registered perhaps the most visible manifestation of the breakneck progression on site.
Infrastructure work on more than 185,000 square metres of land is making rapid headway, achieving a significant number of key milestones.
Faraidooni said: "Sama Dubai is investing significant resources and efforts to ensure the infrastructure at The Lagoons project is the best of breed. We have been making impressive strides towards the realisation of a distinct project that will set precedents and raise the bar for future waterfront developments across the world."
The Lagoons is preparing to open its on-site sales and customer service centre by the end of this year, with the upcoming release of two residential buildings slated for the first half of 2009.
The Lagoons will be offering landscaped surroundings enhanced by a plethora of tranquil waterways, peaceful open parks, and green belts.
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