The first of the plots for residential at the swanky Dubai Design District (d3) should be out on sale early next year. Third-party developers are eligible to participate in creating G+8 to G+12 structures, while the master-developer is looking at options to build some of the plots on its own.
The plots assigned for residential take up the inner side of the master-development, which has a footprint of 14 million square feet and an eventual built-up of 21 million square feet.
Already, d3 has acquired quite a reputation as the place to be for the fashionable and the artistically inclined. Phase 1 with its 11 buildings for office and retail — totalling 1.5 million square feet — is closing in on completion before the year is out, while excavation works for Phase 2 — which will have the warehouses and workshops — has started. Conceived as a modular block, this phase should be ready by early 2018.
A third phase will create "12 to 14 hotels” in boutique-style formats and which would be in keeping with the nature of what overall location will be. It will also be helped by overlooking a 1.8-kilometre waterfront.
"The intention is that at no point of the day, season or year should any portion within d3 close down,” said Lindsay Miller, Managing Director of d3, which is part of the Tecom Group's themed developments portfolio.
"That's the idea behind having the hotels too, which would make d3 the place to live, work and socialise. The entire project is geared to a certain lifestyle — it's most definitely not going to be a 9-5 place.”
The first tenants have moved in, including some of the biggest labels in the high-end fashion and retailing. These include Hugo Boss and the Chaloub Group. Food and beverage joints make up 40 per cent of the retail space allotted at Phase 1.
"There's been an aggressive take-up rates, and the waiting lists are big, particularly for retail. And we have been told by independent consultancies that d3 has had the most successful pre-release leasing in the city,” said Miller.
Those who signed up in the initial phase were able to avail of special pricing schemes for the offices. The top-end of the offices currently command rates on par with those at the Downtown.
"The first signatories got excellent rates and it's a practice we will continue at the new phases too,” said Miller.
Source: Gulf News