Business | Property
M Holding acquires Dh615m freehold plots in Dubai's Mirdif
Developer plans Dh3b mixed-use community in Mirdif after successful projects in Ajman
- Staff Report
- Published: 23:05 July 19, 2008
Dubai: M Holding, the property development arm of the Mundia Group, has acquired 15 freehold plots in Mirdif, Dubai, for a total investment of Dh615 million, the company said in a statement on Saturday.
The purchase of the land from the Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, marks the developer's foray into the Dubai real estate market and follows the successful launch and sellout of its two projects in Ajman - Midas Executive I and II.
Senior company officials said that the company has plans to develop a Dh3 billion freehold community on the 421,657 square foot plot, located within Mirdif and facing Mushriff Park.
The developer has appointed Al Shurooq Architecture & Engineering Consultants as the architect and design consultants for the project, which will offer over 1.9 million square feet of built-up area.
The mixed-use community will incorporate a total of 15 buildings with 12 of them being earmarked for residential purposes and the remaining three for commercial use.
The official launch of the project is slated for the fourth quarter of 2008. The project is part of the developer's plans to launch a total of six projects in 2008.
"M Holding has implemented an expansion programme that includes several new development projects in Dubai. Our foray into Dubai's booming market has been influenced by the success of our maiden projects in Marmooka City in Ajman, where we plan to start construction soon, said Yousuf Mundia, chief executive of M Holding.
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