Dubai
Dubai’s Culture Village master-development gets to be in the limelight with the launch of villa sales at the ‘Manazel AlKhor’ project by Dubai Properties. With a Creek-side location, these properties will be available in three- and four-bedroom formats. Completion of the 76 units is scheduled for mid-2016.
“Due to its prime location in the heart of Culture Village, traditional Arabic theme and waterside living experience, we are confident Manazel AlKhor will prove to be an attractive investment for local, regional and international buyers,” said Khalid Al Malik, Group CEO of Dubai Properties Group.
Sun Engineering has been confirmed as contractor to handle the project.
The project, first announced at last year’s Cityscape event in Dubai, will have Dubai Properties handle the end-to-end development, sales and marketing as part of the upgraded mandate from its parent company. It was late last week that the Group announced details of its transition into a holding company structure with well-defined roles for Dubai Properties and two of the other business units within its fold.
Culture Village was one of the cynosure developments launched in Dubai in the pre-2008 days. At the time, the project’s waterfront location and historical tie-in with Dubai Creek were key unique selling propositions for developers and investors. The aim was to develop it as an upscale mixed-use destination.
Two other projects located there - the Palazzo Versace Hotel and D1 Residential Tower under construction by third-party developers – are already making headway into their construction cycle. In fact, the D1 already towers over the roads leading up to the Business Bay Crossing.
On completion, Manazel AlKhor investors will be able to take in Culture Village’s retail and entertainment mix, including 3.8 kilometres of promenade walkways, a traditional-themed souk and mixed-use complex overlooking the internal canal, and a centrally located marina. The mooring and access points along the promenade are directly connected to Dubai Creek.
“Culture Village and Deira Islands (by Nakheel) offer sub-developers/investors options if they were looking for some place outside of Dubai’s traditional hotspots such as Downtown, Dubai Marina or any of the locations in New Dubai and further out in Dubailand,” said the head of a brokerage firm in Dubai. “With the D1 nearing completion, interest was building up for Culture Village, it will now get a boost with the formal launch of Manazel AlKhor.
Apart from Culture Village, Dubai Properties has another extensive land bank on that side of Dubai in the form of The Lagoons, for which last year it entered a joint venture to develop key projects.
