The launch of a new mega-mixed-use real estate development, 'The Palisades,' which will spread over a 3,200 hectare area and involve investments in the amount of between Dh8 to Dh10 billion ($2.4 and $3.5 billion), was announced earlier this week.
'The Palisades', to be located within Dubai Investments Park, will be the Middle East's largest privately funded mixed-use real estate development, and Dubai's largest area of urban landscaped parkland, housing a population of more than 55,000 according to Khaleej Times.
The 138 hectares site-area equals more than half the land area of Dubai Marina and will feature residential, recreational and commercial space, while the parkland and landscaped area will cover in excess of 5 million square feet.
"The Palisades project will create an unequivocal first for Dubai. This single largest green area hosting businesses, residential communities and retail outlets will position The Palisades concept as the most stunning parkland concept to be launched in the UAE," said Shaikh Issa bin Zayed Al Nahyan, founder of Pearl Properties.
