Dubai Properties launches Dh40b Mudon development in Dubailand

Dubai: Dubai Properties, a member of Dubai Holding and one of the emirate's big three master developers, will build a Dh40 billion residential community, enough to house 50,000 residents, that could help ease the emirate's housing problem.

This will add to the roughly 155,000 to 160,000 new housing supplies that will be delivered by 2011.

Dubai Properties yesterday unveiled Mudon mega-project, to be located within Dubailand and will house approximately 50,000 residents in five zones built to resemble the Arab cities of Baghdad, Beirut, Damascus, Cairo and Marrakech.

Biggest yet

At 73 million square feet, the project is Dubai Properties' biggest development to date, edging ahead of the company's 64 million square foot Business Bay project.

The first phase of the six phase project is scheduled for completion in 2009, ahead of expected full delivery in 2012.

Speaking at yesterday's announcement during the Cityscape conference, Dubai Properties CEO Mohammad Bin Braik said the huge investment displays the company's confidence that Dubai's expanding population will fuel growth in the property market.

"This is probably the most ambitious project we have undertaken so far. It's a time that we are very bullish about the market," he said.

Mudon will include 3,200 villas and town houses, and a further 8,500 apartments. The units will vary from studio flats through to six-bedroom villas with sales set to start next year. No unit prices have been released by the company.

As a mixed-use development, Mudon will include retails outlets, office space, hotels, restaurants and other services, as well as an 11 million-square foot golf course. Construction has already started on several parts of the first phase, the company said, without disclosing the identity of contractors. Dubai Properties will be fully responsible for developing the project, unlike the Business Bay, where numerous plots are sold to third party developers.

Although money generated from off plan sales is now controlled in escrow accounts, rather than fully available to developers, Bin Braik said Mudon will be completely self-funded.

"We do not seek any bank finance," he said.