MANAMA: Bahrain-based Islamic investment bank, Gulf Finance House (GFH), on Monday said that it would pay $30 million for a plot of land to establish a new mixed-use residential development in its DUBAILAND district.
According to the deal, GFH will acquire a plot of 1.2 million square feet and the development will take place over five years and work is expected to start in 6 months time.
However, the bank added, that further details cannot be disclosed due to confidentiality agreements signed between the parties involved.
The project development site is located near the Dubai International Airport and in close proximity to a unique collection of sports, entertainment and luxury commercial and residential facilities. This strategic location will effectively position the project to become a prime visitor attraction and to further enhance Dubai’s appeal as an international hub for family tourism.
The project aims at establishing a high standard of residential, commercial and retail space and facilities within DUBAILAND, which welcomed over 13 million visitors in 2013 and is already home to over 100,000 residents. The new development includes both separate and adjacent villas and housing groups on some 830,000 square feet in addition to integrated-services residential apartments on another 75,000 square feet.
The initial development process is expected to launch later this year in 2014 with the project to be completed within the next five years.