Saudi firm Tanmiyat Investment Group is pouring in $2 billion worth of properties in the Dubailand theme park through Living Legends and Trade Legends.
The residential and commercial project will have a combined cost more than half of the $3.8 billion Legends integrated theme park project that will be developed at Dubailand.
Still at design stage, the Legends project will cover 24.7 million square feet in Dubailand, and "would be an incredibly unique entertainment project that blends technical ingenuity with the thrills of fantasy", said Esam Janahi, Chief Executive Officer of Bahrain-based Gulf Finance House, at a recent press conference.
Designed to be an "exclusive community", the Living and Trade Legends project will comprise over 2,300 residential units including 500 luxury villas, 12 residential towers, two commercial towers, and four apartment hotels.
Sales are open for both retail units as well as land parcels. The retail units will be sold at an average rate of Dh700 per square feet of built-up area.
Of the 500 villas to be integrated in Living Legends, 50 will be of a super-luxury nature, while 300 will be three-bedroom villas, and 150 two-bedroom villas. The villas will surround the nine-hole golf course of the Legends project, Janahi said.
The 12 towers will altogether offer 1,800 luxury residential apartments which will include studios, penthouses and two and three-bedroom units. The development is expected to be completed in two years.
Tanmiyat chairman Sulayman A. Al Majed said, "We are delighted to expand our association with the Legends development through this exclusive mandate for Living Legends. We are indeed confident that the differentiating factors of Living Legends—a first-of-its-kind community—will be a big draw among investors."
The Tanmiyat Group is already part of the Legends project platform and has, as a strategic investor, underwritten 40 per cent of the $302 million private placement floatation for the first phase of the project launched which was launched last year.
"The Legends project is the first-of-its-kind integrated resort-cum-theme park development in the Middle East, combining entertainment, leisure, retail, residential facilities as well as commercial property under one canopy, while recreating the magic of Arabian mystic in all its hues."
Janahi said that work on the final design of the theme park component of the development has started and that full-scale construction is expected soon. "This aspect of Legends will be developed by the Legends project company," he said.
Riyadh-based Tanmiyat is in the forefront of identifying unique real-estate investment opportunities across the region. Its target projects in the UAE include the development of the Industrial zone in Um Al Quwain and The Gulf commercial towers which it intends to build in Al Khour.
It also intends to build the Marina Garden, which will have 492 flats consisting of one bedroom, two bedroom and duplex bedrooms.