Nakheel restarts work on Dubai's International City Phase 3 development |
Emirates 24/7 - 25 July, 2012
International City Phase 3 is not on hold, but is “live” and a number of developers have started work on their projects, Nakheel has revealed.
“The ongoing work at International City Phase 3 is for the completion of community services and facilities such as roads and street lighting. The project is already live and a number of developers have commenced work on their individual projects,” a company spokesperson told Emirates 24|7.
The Dubai-based master developer, in June, had issued a tender for design, procure, construction, testing and commissioning of new International City 3 sewer network connection to nearest Dubai Municipality network.
In August 2006, Nakheel had awarded the infrastructure contract for phase 3 of International City to GMT consortium, an Iranian joint venture of General Mechanic Co, Melli Sakhteman Co and Tossar International Construction Co. The contract was worth Dh250 million.
An investor in Dubai-based Al Attar Properties’ Toronto Tower in International City Phase 3 told this website that he was unaware of the project being restarted.
“We haven’t got any information from the developer on the status of the project. It has been on hold for years,” he added.
Al Attar is among several developers who had announced projects — Global Point, Vancouver Tower and Toronto Tower — in International City Phase 3.
In March, Nakheel commenced handover of 1,663 units in International City’s Emarati Cluster, which comprises 26 buildings.
Emirates 24|7 reported earlier that studios and one-beds in International City, an affordable housing community, bought at a launch price of Dh220,000 and Dh320,000, respectively, are now being sold at a discount of between 33 and 39 per cent.
The current asking price for studios is between Dh160,000 and Dh175,000, while one-bed units are listed for Dh240,000 to Dh285,000. However, prices of apartments (studio and one-bed) in the newly released Emirati cluster range between Dh200,000 and Dh290,000.
According to information contained in Nakheel’s 2011 sukuk document, the first phase of International City comprises a high-density residential district which consists of five precincts: a residential district, a central district, the Dragon Mart complex, the lake district and the Forbidden City.
All of the buildings in the residential district have been completed and handed over with Nakheel retaining ownership of 111 buildings in the development, which it manages for investment purposes.
The Residential District consists of several country themed residential developments including a total of 387 buildings containing over 22,000 residential apartments and around 5,000 retail outlets. The buildings are designed based on several country themes including Italy, Spain, Morocco, Persia, Greece, China, England, Russia and France. All buildings in the district have been completed and 276 buildings have been handed over to private investors.
The Central Business District comprises 30 plots that have been developed by private developers. The plots were developed into 11 storey residential buildings with retail outlets on the ground floor and basement car parking. The district is complete.