Infrastructure work paves way for Dh3bn Mirdif Hills project
Dubai Investments’ decision to push ahead with its delayed Dh3 billion Mirdif Hills project was taken following a series of infrastructure investments made by Dubai Municipality, according to chief executive Khalid Bin Kalban.
The project containing a total of 1,400 apartments in three clusters, a 230-bed hospital, a hotel and 52 retail outlets, has been on Dubai Investments’ drawing board for several years.
It is on land that was initially cleared for development back in 2004.
"We believe that this is the right time to bring forward this project," Mr Bin Kalban told The National. "Especially now that we know what the government plan is to build roads around the project with regards to the connectivity of the site to the major highways."
He added that commitments have also been made to bring forward several attractions to the nearby area, including cycling tracks, the Al Thuraya Astronomy Centre and the Dubai Crocodile Park.
"All of that the government has now confirmed is happening around this site," he said.
An initial 50 units went on sale at the project last weekend, which Mr Bin Kalban said could be extended to 100 during the first phase launch to meet demand.
Most of the preparation works for the first phase, containing 1,054 of the 1,400 homes planned, has already been completed, with basements excavated and main contractor Engineering Contracting Company already mobilised on site.
The contract to build the homes is due for completion by the end of 2018.
Mirdif Hills will be a mix of studios, one-, two- and three-bed apartments on a 3,9 million sq ft site in Mirdif close to Mushrif Park.
The average selling price per unit is about Dh1,260 per sq ft, but Dubai Investments is offering a payment plan with half of the money being paid during construction and the remainder on completion.
The firm has said it is confident of selling the units as they are being built on a freehold plot – few of which remain in the Mirdif area.
Myles Bush, the chief executive of Dubai-based PH Real Estate, said: "Across the last five years, we’ve seen Mirdif go from strength to strength as a community. The infrastructure has improved, the retail has improved and the opportunities within the real estate market have improved. We think the new development is needed and have no doubt it will be a success."
( courtesy of TheNational )