First phase of Jumeirah Central project in Dubai to cost Dh24 billion
The new Jumeirah Central project will cost Dh73.4 billion to build, with the proposed first phase set at Dh24bn.
The project is based on the former site of the Mall of the World project and is set to contain a total of 278 projects in total. Although developer Dubai Holding did not say how many phases would be developed in total, its intention is to concentrate on the south-eastern corner of the site adjacent to the existing Sharaf DG metro station.
Under the first phase, some 69 projects will be brought forwards containing about 17 million square feet of gross floor area, or about 36 per cent of the total built-up area.
This will include a flagship office tower, one of the project’s three feature malls, 3,000 apartments, 15 hotels (including one resort hotel) containing a total of 2,800 rooms, 12 office projects and five parks and plazas.
Morgan Parker, the chief operating officer of the Jumeirah Central project, said that site clearance work is already under way and that infrastructure packages would be brought to the market soon.
“Our intention is to develop the majority of Jumeirah Central in a series of joint ventures,” he said.
“Those joint ventures are designed to bring capital to the market. They’re also designed to bring best-in-class skills and expertise to the market.
“Dubai Holding does have a long-term interest in this project. This is really the crown jewel of real estate opportunity in Dubai and we intend to be the steward or the custodian of Jumeirah Central going forward. That means retaining an ownership in buildings.”
Work is expected to start on the first buildings next year, and Mr Parker said that he anticipates that these will complete by 2020-21.
Dubai Holding has said that the district will be Dubai’s first climate-controlled, sustainable and walkable district.
It will include a varied mix of uses, including some student accommodation and worker accommodation that can be provided to owners of hotels, malls and other investors with a view to generating greater urban density and cutting the number of journeys required into the city.
A new Central Station will also anchor the north-eastern corner of the site, which will connect to the Mall of the Emirates metro station, The Central Station will provide a new terminus station for the extended Dubai tram, with three stops running through phase one of the project. It will also serve as an interchange for the future phase of the Dubai tram project that will run along Jumeirah Road.
Aerial gondolas running above many of the buildings on the site will also link its three feature malls, but also be extended from the site to the Madinat Jumeirah complex.
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Published: September 4, 2016 04:00 AM