Arab Today, arab today dubai sports city it will hand over 6 towers in 2012
Last Updated : GMT 21:55:04
Arab Today, arab today
Arab Today, arab today

Dubai Sports City: It will hand over 6 towers in 2012

Arab Today, arab today

Arab Today, arab today Dubai Sports City: It will hand over 6 towers in 2012

Dubai - Arabstoday

Developers of the $4bn mixed-use Dubai Sports City project have promised to hand over a minimum of six new projects this year, following outcry from investors over building delays. In response to questions from Arabian Business, the master developer said it would deliver between six and 10 towers in the year ahead and a flurry of further projects in the three to five years that follow. It also committed to building as per the original masterplan and said none of its projects had been cancelled by RERA. “Dubai Sports City developments and sub-developers’ developments vary in size, and we estimate that a further six to 10 towers will be delivered in 2012, with more to follow every year for the next three to five years,” said a spokesperson. “[We] will be completing Canal Residence West, a development offering 500 apartments. Over 95 percent of this development has been sold and construction is at 91 percent. “Gallery Villas project, a luxury development of 50 villas, will also be completed.” Dubai Sports City is a 4.6m sq m development located off Emirates Road, originally designed to feature a mix of sports complexes surrounded by residential and commercial buildings in the heart of Dubailand. Launched in 2003, it was intended to include a 60,000-seat, multi-purpose, outdoor stadium for cricket, football and athletics tournaments; in addition to a 25,000-seat cricket ground; a 10,000-capacity, indoor arena and a 5,000-seat hockey stadium. Other features included retail areas and community facilities such as schools. But despite their ambitious plans, the master developer and a number of sub-developers are yet to complete a large number of the scheduled projects, including the 60,000-seat stadium. Hit hard by the financial crisis, scores of residential developments have been stalled due to cashflow problems, with property firms refusing to provide refunds and buyers defaulting on payments amid slow construction progress. Some of the investors, most of whom are from the UK and Ireland and have ploughed tens of thousands of dirhams into projects, have since set up action groups and websites in a bid to get their voices heard. But representatives from Dubai Sports City insist that the project is ongoing and will be completed, albeit in stages. They claim the development has a total of 5,500 residents with over 90 percent of the main infrastructure complete. “There is no specific date of completion as each project has its own timeline and will be completed in stages,” said the spokesperson, adding that the 25,000-seat capacity Dubai International Cricket Stadium was fully operational. “The global economy has had a significant impact on Dubai Sports City, just like all other projects being developed in Dubai and throughout the world. Dubai Sports City is proud to have delivered so many projects to date and is still committed to delivering its vision and to continue to maintain a strong presence within Dubai’s marketplace.”

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Arab Today, arab today dubai sports city it will hand over 6 towers in 2012 Arab Today, arab today dubai sports city it will hand over 6 towers in 2012

 



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