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Dubai: National Properties, the real estate subsidiary of National Bonds Corporation, on Sunday began ground-breaking on the first low-rise, low-density residential community in The Lagoons, Dubai Creek.
Being constructed at a cost of Dh800 million, Flamingo Creek will comprise 244 units including villas, apartments and duplexes spread over 500,000 square feet of land on Dubai Creek.
Adel Lootah, chief executive officer of National Properties, said that low-rise developments are attractive to investors.
"It was designed to be low-rise as we wanted it to be different and wanted to give people more breathing space. And we wanted to show how smaller, more manageable projects are still something that people like to see."
Flamingo Creek is the third freehold development of National Properties following the launch of Skycourts in Dubailand and Sulafa Towers in Dubai Marina.
Abdul Salam Al Merri, chief executive officer of The Lagoons, said that The Lagoons will be a "distinctive landmark in Dubai's property sector" and that Flamingo Creek will add a "unique dimension" to the development.
Lootah said that National Properties hope to increase their portfolio to Dh5 billion by the end of 2008.
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