Major phase in giant UAE housing project complete
Work on a bridge that stretches over the West Marsi Canal in Dubai, which forms the infrastructure base of a new giant housing project, is finished, realtors said Tuesday.
The West Marsi Canal project is costing Dh5 billion ($1.35 billion) and will cover 60 million square feet. Apartment towers, hotels, restaurants, cafe shops, and other services will be available.
The Amar Real Estate Company, the biggest in the United Arab Emirates is building housing projects worth Dh15 billion ($4 billion) that would provide homes for 100,000 people over the next 15 years. The West Marsi Canal project is one of those projects.
Mohammed Al-Abar, Chairman of the Board at Amar, told journalist that the project was designed to expand Dubai city. The 500-hectare canal took 18 months to dig and 5 million cubic meters of dirt was cleared. Al-Abar said 125 units would be built in the first stage of the project at a cost of Dh700 million. The first stage would take 24 moths to complete.
Near the canal, at the Emirates Hills, the company plans to build luxury villas that would cost Dh3 million each.
"We are optimistic about the gains this will give our investors and the affect it will have on the company stocks," Al-Abar said. – (Albawaba-MEBG)