2 May 2013
Dubai’s Meydan Group and India’s Sobha Developers Ltd. will team up to build a 1,500-home project in Dubai’s Mohammad Bin Rashid City, the largest real estate development to be revived after the emirate’s property crash.
Sobha is a publicly traded homebuilder based in Bangalore.
The companies have formed a joint venture to develop District One on a 4-million-sq-m area that is part of Mohammad Bin Rashid City – MBR City -Â planned to be built on 5.1 km-sq of land east of the Burj Khalifa.
MBR City is planned to include 100 hotels, residential areas and the biggest cluster of art galleries in the Middle East
The District One development will include shops, tourist attractions and sports facilities and 65 percent of it will be made up of parks and waterways, Meydan Chairman Saeed Al Tayer said at a press conference on 1 May.
District One will surround a 7-km-long lagoon with man made beaches, shops and restaurants lining both of its sides.
Mr Al Tayer declined to specify the cost of the project or how it will be financed, but estimated the value of the completed development at $5.7 billion, said Bloomberg.
MBR City is planned to include 100 hotels, residential areas and the biggest cluster of art galleries in the Middle East and North Africa region as well as the world’s largest mall.