Developer plans AED 3 billion freehold community in Mirdiff as inaugural project in booming Dubai real estate market

Published July 19th, 2008 - 04:58 GMT

M Holding, the property development arm of the Mundia Group, has acquired 15 freehold plots of land in Mirdif, Dubai for a total investment of AED 615 million. The purchase of the land from the Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments PJSC, marks the developer's foray into the booming Dubai real estate market and follows the successful launch and sellout of its two projects in Ajman - Midas Executive I and II. Senior company officials have further revealed plans to develop an AED 3 billion freehold community on the 421,657 sq. ft plot, located within Mirdiff and facing Mushriff Park. Present at the signing ceremony were Yousuf Mundia, CEO, M Holding; Obaid Al Salami, General Manager, DIRC; and Mehar Amar Aziz, General Manager, M Holding.

With plans to develop the first freehold community in Mirdiff, the developer has appointed Al Shurooq Architecture & Engineering Consultants as the Architect and Design consultants for the project, which will offer over 1.9 million sq. ft of built-up area. Further, the integrated mixed-use community will incorporate a total of 15 G+4 buildings with 12 of the buildings being earmarked for residential purposes and the remaining 3 for commercial use, 2 shopping malls, retail areas, community centers and a host of world-class amenities. The official launch of the project is slated for the fourth quarter of 2008 and is part of the developer’s plans to launch a total of six projects in 2008.

“M Holding has implemented a vigorous expansion program that includes several new development projects in Dubai. Our enthusiastic foray into Dubai's booming market has been influenced by the success of our maiden projects in Marmooka City in Ajman, where we plan to start construction very soon. As this is our first project in Dubai, we naturally aim to differentiate ourselves and have thus appointed a world-class architect and design consultant Al Shurooq. With M Holding's rich heritage and experience in delivering high-quality projects across the global real estate market, we are confident of creating a significant impact in our property development initiatives in Dubai," said Yousuf Mundia.

Dubai Investments Real Estate Company was established by Dubai Investments to offer a diverse range of high quality projects across the entire range of real estate sectors to potential investors. Exclusively focusing on the group’s real estate projects including Dubai Investments Park, DIRC has a number of projects in Dubai and is planning future projects in the UAE, across the GCC and internationally. The sale of land to M Holding is part of the services offered by DIRC to private developers and is in line with its core aim of contributing to the economic prosperity of the country.

“Our objective has always been to develop and deliver projects that offer value to investors and the greater society in general, and our upcoming community in Mirdiff, which will be launched later this year, will strive to achieve the same. We are glad to announce our entry into the highly competitive Dubai real estate market, and we look forward to the successful realization of this project,” concluded Mundia.

M Holding is the culmination of an extensive business background, which has been gathered from the Mundia Group’s over 50 years of experience in textile, trading and construction, property development, with offices in the US, UK, Russia and Pakistan and strong presence in UAE since 1962. Responsible for one of the earliest buildings in Karachi and with over 30 projects across Asia, US and Europe, the Mundia Group has sold approximately over 12,000 built space units through its various divisions, namely Mundia Real Estate, Mundia International and M Holding. The developer’s portfolio in the UAE currently includes Midas Executive I and II. The two commercial towers are located within Marmooka City, Ajman and are collectively worth AED 450 million.



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