Meydan, Sobha Group JV to develop project

Dubai: The first project within Mohammad Bin Rashid City will be developed by a joint venture between Meydan Group and Sobha Group and should be completed within seven years, developers said on Wednesday.

Named Mohammad Bin Rashid City-District One, its market value is expected to reach Dh21 billion, said Saeed Al Tayer, Meydan’s chairman and chief executive at a press conference.

Located along Al Khail Road next to the Meydan Racecourse, the project sprawls across four million square metres of freehold land. It will include 1,500 luxury villas, a 350,000 square metre water park, seven kilometres of lagoons and man-made beaches, retail zones and sports attractions.

Meydan Sobha, the 50-50 joint venture and contractor, will complete the project in four phases and broke ground on phase one last month, Al Tayer said.

The first phase will take three years for the construction of 375 villas, water lagoon, park and a show village that will serve as a prototype for the residential area, he said.

Each villa could sell for Dh9 million and upwards, said P.N.C. Menon, Chairman of the Sobha Group.

Sales registration began this morning through a dedicated website and call centre for the MBR City project, Al Tayer said.

Mohammad Bin Rashid City, a mega-project announced by the ruler of Dubai in November, includes the world biggest shopping malls, 100 hotels and a park larger than London’s Hyde Park.