Majid Al Futtaim in talks with contractors to unveil new Dubai community
The development will include residential, leisure, retail and entertainment venues
Majid Al Futtaim (MAF) is in talks with contractors to create a mixed-use community in Dubai, its first in the emirate, and will unveil the master plan next year, the company said.
The Dubai-based developer aims to establish a community for both residents and visitors, connecting neighbourhoods with entertainment and leisure facilities to cater to the “evolving expectations of residents and the wider community”, it said on Monday.
“We are excited to announce plans for a flagship mixed-use community that is set to redefine the living experience in Dubai’s evolving and highly competitive real estate market,” said Hawazen Esber, the MAF communities chief executive.
The company gave no details regarding the location of the new development, or when it was likely to be completed.
“As is with all our projects, the latest community will feature best-in-class offerings from across the Majid Al Futtaim integrated portfolio and will deliver on the highest standards of planning, design and quality to create a unique destination that remains close to the heart of its people and allows them to celebrate life, every day.”
The company said it was in discussions with “leading global and regional contractors with plans to unveil the master plan” in the first half of next year.
MAF will also establish projects in Sharjah, Oman and Lebanon, it said.
The company said its Al Zahia residential community in Sharjah will have a second release in a third neighbourhood, Al Lilac, this month, which will bring 61 four and five-bedroom villas to the market. This is in addition to the Dh2.6 billion City Centre that is being built in the area, expected to open by 2021.
MAF is also constructing a community in Muscat, expected to be complete in 2019, with a hub pavilion, kindergarten and a mosque in the Ghadeer district, while Al Mouj Muscat will soon launch the Marsa Plaza. The project will have two new food and beverage outlets developed at the edge of the plaza, and two luxury hotels - Mysk by Shaza and the Kempinski.
In Lebanon, MAF has sold 76 per cent of the units in the first two phases of the Waterfront City. The community is expected to house 288 families by the end of the year, and include a range of food, leisure and retail outlets overlooking the marina. The company saidthe city will also have an additional 40,000 square metres of urban retail outlets including luxury brands, high-end convenience and grocery and gourmet stores.
“As a leading mixed-use community developer and asset manager in the Mena region, MAF is committed to delivering quality integrated lifestyle offerings across landmark destinations in the UAE, Oman and Lebanon,” Mr Esber added.
Updated: September 11, 2017 06:26 PM