The freezone's new development will span over a 10 million square feet area
DMCC to develop a new mixed-use district adjacent to JLT
DMCC, the free zone and master developer of Dubai’s Jumeirah Lakes Towers, plans to develop a new business and residential district that will stretch over an area exceeding 10 million square feet.
The free zone said construction works in the area, adjacent to JLT and formerly known as Burj2020 District, has started for phase 1, which will span more than 2 million sq ft. DMCC did not disclose the cost of the project, how many phases it will include or when the development will be finished.
The project, which is forecast to create 10,000 new jobs over the next decade, will include Grade A commercial space, residential areas, more than 200 retail and food and beverage outlets and luxury hotels.
Two super-tall buildings will tower over the development, which will include a main podium 28 metres above ground featuring a two-level central plaza, larger than New York's Times Square, that is connected to numerous outlets and a retail mall.
Off-plan sales for the residential properties will kick off in the first quarter of 2018, DMCC said, without disclosing prices.
“Uptown Dubai is a world-class smart district unlike anything on the market, innovatively designed to deliver a new beat for business, and a truly urban destination for people to live, work and thrive,” said Ahmed Bin Sulayem, the executive chairman of DMCC.
“Two super-tall towers and a vibrant central plaza will anchor the 10 million sq ft development, creating an ultra-connected, energising district designed to meet Dubai’s next wave of growth.”
The development comes at a time when the Dubai market is rebounding.
The emirate's real estate sector recovered in the first half of this year with deals transacted rising 16.8 per cent in value, the Dubai Land Department said in July. The total value of real estate transactions reached Dh132 billion in the first half compared with Dh113bn in the year-earlier period. Dubai Marina was the top pick in terms of number of transactions, followed by Business Bay, Al Barsha South 4 and Jebel Ali. The total number transactions rose by 25.9 per cent to 35,571 from 28,251 sales in the year-earlier period. In terms of value, Palm Jumeirah took the lead, followed by Business Bay, Burj Khalifa and Dubai Marina.
The total value of new mortgages increased 24.2 per cent to Dh60bn from Dh48.3bn. The total sales transacted without a mortgage rose 29.4 per cent to Dh63bn from Dh48.7bn a year earlier.