Sama launches The Lagoons

Dubai: Sama Dubai, the international real estate investment and development arm of Dubai Holding, has launched The Lagoons, a new waterfront project on the Dubai Creek.

It will offer freehold properties with 100 per cent ownership to people of all nationalities. Half of the project will be sold to third-party investors as land plots for development. The remaining 50 per cent of the area will be developed, marketed and operated by Sama Dubai.

Total project cost is expected to reach Dh65 billion, a Sama statement said. "The Lagoons is expected to catalyse Dubai's position as an international destination offering a perfect retreat for residents looking for the highest possible quality of life within a true metropolitan environment," the company said.

The project will be spread over 70 million square feet. The Lagoons will have seven landscaped islands, comprising residential units, shopping centres, office buildings and marinas. These detached islands will be interlinked with bridges. The project will incorporate its own central business district, where corporations can establish their headquarters.

"The Lagoons is one of the biggest real estate projects being undertaken and is aimed at creating a unique development that adds another value proposition to the overall offering of Dubai in the regional and international arena," UAE Minister of State for Cabinet Affairs and Dubai Holding Executive Chairman Mohammad Al Gergawi said. "We are committed to providing a superior lifestyle option in Dubai and the UAE that matches with the best in the world. The Lagoons will reinforce and strengthen the positioning of the UAE and particularly that of Dubai as the international centre of business, trade and tourism," he added.

The project will include themes of environment, conservation, parkland and open spaces. It will have resorts, marinas, five-star hotels, commercial towers with large office spaces, malls, souqs, villas and apartments.

Cultural attractions of the project include Dubai's first opera house, a planetarium, a museum, an art centre and a theatre.

Farhan Faraidooni, chief executive officer of Sama Dubai, said the project is "distinguished by its unique features that make it the first of its kind project in the UAE." He said it is one of the first projects in Dubai to develop an "environmental policy statement and principles to ensure that environmentally responsible developments are carried out."

It will offer leisure opportunities along with a healthcare and therapy centre.

Project has several attractions

The Lagoons will include themes of environment, conservation, parkland and open spaces. It will have resorts, marinas, five-star hotels, commercial towers with large office spaces, malls, souks, villas and apartments.

Cultural attractions of the project include Dubai's first opera house, a planetarium, a museum, an art centre and a theatre.