Business | Property
New World notches up Dh1.1b in sales for Living Legends
New World Real Estate (NWRE), a regional real estate company, last year notched up sales of Dh1.1 billion for the Living Legends project currently being developed by Saudi Arabia-based investor Tanmiyat.
- Staff Report
- Published: 00:00 January 22, 2007
Dubai: New World Real Estate (NWRE), a regional real estate company, last year notched up sales of Dh1.1 billion for the Living Legends project currently being developed by Saudi Arabia-based investor Tanmiyat.
NWRE sold 75 villas on the golf course and 500 apartment units in the Living Legends. Tanmiyat Group is developing the Dh14 billion ($3.8 billion) Legends Dubailand project in association with Bah-rain-based Gulf Finance House (GFH).
Besides the Living Legends development at Dubailand, Tanmiyat is also developing the Commercial Heights in Dubai's Business Bay.
NWRE, president Somendra Khosla said: "With our extensive network of select brokers, unparalleled service and committed team members, we have achieved this sales figure for the year 2006. We are optimistic we will be able to exceed this figure many times over for the year 2007."
Tanmiyat last year won a $2 billion infrastructure contract for Legends in Dubailand, and became a major stakeholder along with the primary project investor, Bahrain-based Gulf Finance House (GFH). Recently, the company received an approval from Dubai Municipality for the scheme's master plan designs, enabling construction work to begin on the 24.7-million square feet leisure and entertainment project - the Legends Theme Park.
Legends Dubailand, the first major theme park in the region, is expected to attract 20,000 visitors daily at peak operational capacity and a further 35,000 people per day in the hotel district. The developers aim to open the Legends of Arabia theme park and the Living Legends freehold residential and hotel area in 2008, with remaining sections scheduled for completion by 2013.
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