Top sources at Al Manal Development recently revealed that the firm had plans to invest some Dh5 billion in real estate developments in Dubai over the coming three years, with most of the investments being funneled to residential and commercial towers in Dubai Investment Park.
The planned project, which is currently only at its initial design stage, will reportedly included several buildings, said Juma bin Ahmed Al Ghurair, Chairman of Al Manal Development, according to Khaleej Times.
Al Manal Development will also be launching two more towers in Dubai, including an office tower in Port Saeed area (on Al Ittihad Road) and including a residential tower in down town Dubai (on Al Maktoum street). Both towers will be offered on 99-year leasehold, and are expected for delivery in 2008.
The firm was established earlier this year to make its foray into a freehold market.
Speaking of the issue of the development's location, Al Ghurair said: "A lot of people want to stay in down town Dubai, because of the proximity to their businesses or just being used to the area."
He added that the project "is going to be more successful and attractive than most of the projects in the New Dubai area, because it will be located in the city centre and just a few metres away from the Central Metro station."