DUBAI, 19 February 2007 — DUBAI Investments Park (DIP), a wholly-owned subsidiary of Dubai Investments, has announced that more than AED20 billion worth of residential projects will be constructed in the park this year, bringing the total investment value to almost AED21 billion.
Seven major developments by a consortium of developers are earmarked for construction in DIP during 2007, offering investors 19,392 residential units when the projects are completed by 2010. The multi-phased developments are spread over a total area of 3,200 hectares and equipped with world-class facilities and services for manufacturing, residential, academic, research and development, distribution and logistics purposes.
“This phenomenal amount of investment underscores the property developers’ confidence in Dubai Investments Park as one of the region’s premier residential communities. DIP has carved a niche in the real estate market as a high-profile, environmentally friendly and cleverly planned development and we have received a surge of investors wishing to capitalize on this opportunity,” said DIP General Manager Omar Al-Mesmar.
Dubai Investments Park’s largest new development is the Palisades project, being developed by Pearl Properties, offering investors a residential community that incorporates architecture composed of eclectic property styles, inspired by the Georgian, Regency and Victorian eras.
The Green Community West project is another major DIP development, constructed by Property Investments, to include 580 villas, 256 apartments and six recreation areas spread over a total area of 11.2 million square feet.
Similarly, the Ritaj development is a high-profile residential project earmarked for construction in DIP.