|
Dubai: Rich and famous people with more than Dh10 million spare cash in the bank are the target residents in a new luxury project in the Dubailand master development.
Launched yesterday by Dubai-based ETA Group, the Dh2.4 billion Dubai Lifestyle City (DLC) is a mixed-use residential, hospitality and retail project targeting tourists, sports fans and the super-rich.
Set for completion by mid-2009, the development will also include numerous healthcare, cultural and sports facilities.
Potential residents will be invited to invest in the project based on the size of their bank-balance. They will be given a choice of 120 apartments, duplexes and penthouses ranging from Dh4 to Dh8 million.
Those willing to splash out even more can choose from 68 Tuscany style villas ranging from five to six bedrooms and include features such as smart home technology, multiple living rooms and even air-conditioned garages.
The villas will be will be priced from Dh19 to Dh41 million. In comparison, prices for villas on the Palm Jumeirah have reached approximately Dh20 million.
The developer, ETA, says the DLC project has been planned for three years, tying up the likes of Beverly Hills villa designer Tony Ashai, hotel operator JW Marriott and IMG Sports Academies, which will manage a David Leadbetter golf academy and a Nick Bollettieri tennis centre.
Company officials say the project aims to attract tourists into Dubailand and meet demand for freehold villa communities. At yesterday's project launch, officials denied that Dubai already boasts sufficient developments aimed at high net worth individuals.
Exclusive
"What we are bringing to Dubai is a close-knit community. This will not be millions of square feet like some of the other projects in town. It will be a very limited and very exclusive destination project," said Arif Rahman, managing director, Dubai Lifestyle City.
"This if for very select customers and by invitation only for those with wealth and good credentials. We are, through the private banking of foreign and local banks, calling only high and ultra high net worth customers."
The project will include two themed hotels operated by JW Marriott. A 150-room four star hotel will target people using the project's sports training facilities, while a 170-room five star hotel will feature spa and healing facilities.
The entire project will cover four million square feet and will be built over two years in a single phase.
ETA officials did not reveal whether compensation will be offered for late delivery of units. The contract for the initial earthworks on the site will be awarded next week before work gets underway later this summer.
ETA Group says it has secured finance for the hotel development, while the residential work will be funded by pre-launch sales. The company expects to sell all residential units within a year to 15 months.
Rahman said the company has received "many enquiries" about replicating the DLC concept in other GCC countries and India.
"We have just launched our first project, but it is likely [the next project] will be in India," he said.
|
