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The first phase of Dubai International City, conceived as a mixed residential and retail venture targeted at the middle-income market, will be ready in the second half of next year, the project developers announced yesterday.
Key tenders for the project, covering more than 800 hectares in the Al Warsan on the northern side of Dubai, are already out in the market and completion is set for the end of 2006.
Only when the tenders are finalised, during the first quarter of next year, can an actual estimate be placed on the costs involved, said Sultan bin Sulayem, chairman of project leader Nakheel.
He said: "We have a fair estimate of what will be the costs involved — the bids will give us the best indication of the final details.
"The intention is to use our own resources and bank credit to finance it, which is the formula we have used for our other projects, such as The Palm."
He added: "The City will offer affordable residences for those working in the free zones in that areas, such as the textile city. This is something Nakheel has already done with The Gardens, which was meant for those in Jebel Ali Free Zone and neighbouring areas."
With components such as the Dubai Gates, The Dragon Mart and Forbidden City, Dubai International City aims to create planned townships drawing on design elements from China, England, Italy, France, Russia and Morocco. DMJM International of the US are the master planners for the project.
The Chinese component of the City is already in an advanced state of construction — the retail element will have more than 3,000 Chinese companies exhibiting their products. The residential part has already been taken by Chinamex, a Chinese company.
Wahad Attala, director of operations at Nakheel, said: "We will be developing the buildings forming part of the main themes, which will be sold to interested investors. In fact, the process could start within the next two weeks or so." Nakheel said the buildings will have a price tag of Dh9 million to Dh19 million, and should provide investors with a return on investment of around 10 per cent.
Individual residential units within these buildings can then be sold on a freehold basis.
In all there will be 20,000 apartments and 350 buildings within the City. At the heart of the City, the Central District will cover 21 hectares. Independent developers will be allowed to bid for the 34 plots forming this block.
COMPONENTS
Design elements from various countries
With components such as the Dubai Gates, The Dragon Mart and Forbidden City, Dubai International City aims to create planned townships drawing on design elements from China, England, Italy, France, Russia and Morocco.
In all there will be 20,000 apartments and 350 buildings within the City.
At the heart of the City, the Central District will cover 21 hectares. Independent developers will be allowed to bid for the 34 plots forming this block.
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