New partnership of builders Emaar Properties and Dubai South will present to Dubai the new, huge residential area near the venue of Expo-2020 and the international airport.
Emaar Properties and Dubai South announced a cooperation as a result of which in Dubai the new large-scale Emaar South project which will borrow 7 sq. kilometers in the territory which is located near the international airport Al Maktoum will be realized.
Mohamed Alabbar, the chairman of Emaar Properties, and Khalifa Al Tsaffin, the executive chairman of Dubai Aviation City Corporation and Dubai South, couldn't call exact terms of implementation conceived and project cost, but it is already known that costs will be divided between two builders in half, and the first stage will be complete approximately in four years.
Within the project six areas consisting from more than 15 thousand residential units, including country houses, townhouses and apartments will be provided. Certainly, Emaar South won't do without additional objects, such as the 18-lunochny golf course, public parks, trade rooms, schools and several hotels.
Mister Alabbar reported that the new project will be guided by "reasonable" price level in case of sale. Builders expect to attract both local, and buyers from the international markets. A separate segment are inhabitants who will work in this area near the venue of Expo-2020. The international airport Al Maktoum is at present in an expansion phase then will be able to serve up to 220 million passengers a year, and is considered as the main driver for the project, according to the chairman of Emaar Properties.
Fadi El Borno, the CEO of joint businesses in Emaar, reported that the builder is going to sign a number of construction contracts next quarter.
Commenting on approach to debts, mister Alabbar told: "We want to remain conservative when it comes about debts because now it is difficult to look forward with confidence. In business it is necessary to be on the alert — the situation changes all the time."
Dubai South also plans to construct the separate housing project of The Villages near the International airport. The first stage including 6 thousand units shall be complete in 2019.
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