DUBAI 7 August 2017: Emirate’s flagship urban project, Dubai South, signed an agreement with Lootah Real Estate Development to bring forward 1,150,548 sqft of residential units.
As per the agreement, Lootah Real Estate will further develop 1.15 million square feet residential project within the Residential District, offering world-class community living within an urban environment. Thel project will be delivered within phases.
A memorandum of understanding was signed with an aim to set up a 50:50 joint venture between the two organisations. Hosted at the Dubai South headquarters, the signing ceremony saw the presence of Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development.
“Based on the strong growth potential and investor confidence, Lootah Real Estate has agreed to partner with Dubai South. Also, the fact that Dubai South will house some of the much awaited project like the Expo 2020, Al Maktoum Airport, as well as the free zones and Business Park of Dubai South, we are very keen to help and develop this project with the highest quality. Winning such a project is a matter of pride, and we are happy to be part of this urban project which will further add to Dubai’s unique offerings,” said Lootah.
The Residential District will have around 10,000 residential units between villas, townhouses and apartments by 2020 – housing an estimated 35,000 residents. Adjoining the Expo 2020 site, the Logistics District and a staff village, Dubai South’s Residential District includes schools, nurseries, hospitals, retail outlets, F&B options, a post office, swimming academy and a sports centre.
Dubai South is the master planned city formerly known as Dubai World Central that encompasses the new Al Maktoum International Airport and Dubai’s Expo 2020 site, which will become an exhibition district when the event concludes.
By Rajive Singh