Dubai Financial Market-listed Dubai Investments on Saturday said its real estate subsidiary will complete work on $817 million (AED3 billion) Mirdif Hills project by fourth quarter 2018.
Currently the only freehold project in Mirdif, the project spreads across 3.9 million square feet and includes 1,054 apartments, a four-star hotel and a 230-bed hospital.
Dubai Investments Real Estate Company (DIRC) will construct the project in two phases and offer payment plans wherein investors can pay up to 50 percent during the construction phase and the balance on completion.
“Dubai Investments feels the market is right for the launch of its Mirdif Hills project, which offers salient advantages of ideal location, unique attractions and amenities within a self-contained, community,” Khalid bin Kalban, managing director and chief executive officer, Dubai Investments and chairman of DIRC, said.
He added: “The UAE real estate market is characterised by strong fundamentals, making it the preferred investment destination in the Middle East and providing ample opportunities to drive added value. The launch of projects such as Mirdif Hills will not only rejuvenate the sector but also accentuate the strong growth potential on offer.”
The project has three clusters with Al Multaqa Avenue consisting of a 116-room hotel, 128 serviced apartments, restaurants, cafes, retail spaces and 300 residential units; Janayan Avenue comprises a mix of apartments, duplexes and vertical villas (many villas built in one single building) and Nasayem Avenue also consisting of apartments and duplexes.
On the commercial side, the project will have 52 retail outlets and shops, including a piazza, fine dining restaurants and cafes. It will also include a 230-bed hospital, offering multiple specialties and emergency services.
On Saturday, Kalban said the company plans to close a $299.52 million (AED1.1 billion) loan by December 31 with First Gulf Bank and Abu Dhabi Commercial Bank for construction of the project.