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Dubai: Boosted by tremendous demand and rapidly growing real estate development sector in Dubai, Dheeraj & East Coast (DEC) is increasing its investment in the prestigious Culture Village to Dh700 million with another residential development in the pipeline.
DEC's three projects in Culture Village include Cascade Ville, Cascade Manor and The Estate.
Dheeraj Wadhawan, managing director of DEC said, "Dubai, which is on course towards becoming the city of the future, has become a magnet for businesses and home-owners worldwide.
The emirate is currently witnessing tremendous demand for both residential and mixed use projects.
This latest addition to our existing three projects in Culture Village reflects our confidence in this market and its potential for delivering sustained returns."
Wadhawan said that DEC's fourth project in the Culture Village will be launched before next October.
He said the increasing market demand, in addition to the fact that DEC possessed more free space to develop more projects, necessitated the creation of this additional development.
The new project will be developed along the lines of the existing Cascade Ville project with the unique "waterfall" feature. Residential projects - Cascade Manor and Cascade Ville - were 70 per cent sold with "The Estate" mixed-use project not far behind.
Even with the fourth project coming up, DEC's Culture Village offerings will be completed on a back-to-back basis and set for handover to tenants by late 2009, he stated.
These four projects are among DEC's 18 projects in the prominent and highly-sought business areas of Dubai and include its flagship venture - the Dh450 million DEC Towers - and Marina Wharf I and II which are located in the prestigious Dubai Marina.
DEC Towers is a semi-mixed use real estate project in Dubai Marina, while the Marina Wharf features residential living including themed restaurants, boutiques and even a bowling alley.
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