Limitless, a developer owned by Dubai World, will hold back on selling plots of land surrounding its Arabian Canal project to sub-developers until market conditions improve. The company had originally intended to start selling land for development in June this year. "Everything is ready to sell, we're just judging the best time to start selling," said Ian Raine, the project's director on the sidelines of Meed's coastal development conference today.
"We haven't set a definite date yet, but obviously we need to take into account what's going on. But there's been a lot of interest from developers in the project." Mr Raine added that the company had not changed its targets for completing the project, which will cost Dh40.4 billion (US$11bn) to build. "We haven't made any changes but we do have to take into account market conditions, and if those conditions mean we have to react, then we will."
The earthworks on the project are now underway after Tristar Transport and Contracting, an Abu Dhabi company, was awarded the job in September. Ten contractors have been invited to bid for the second phase. aguiffrida@thenational.ae
