Omar Al Mesmar
Dubai Investments Park to complete in Q1
Dubai, January 28, 2014
Dubai Investments Park (DIP), a major commercial residential community, said that the Phase 8 – the final phase of the 2,400 hectare mixed-use development – will be fully completed by the end of the first quarter of 2014.
Once complete, the 430,000 sq m Phase 8, being constructed at a cost of Dh325 million ($88.5 million) across two stages, is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector.
The Phase 8 entails construction of a total of approximately 375 warehouses and light industrial units.
The first stage of Phase 8, which was completed in mid-2012, has been fully leased and is approximately 80 per cent occupied.
Omar Al Mesmar, DIP general manager, said: “We are nearing the completion of the final phase of the DIP development, which is a significant milestone for us. The steady growth of DIP over the years reinforces our identity as one of the fastest growing investment destinations and is among the best-equipped mixed-use developments in the region with unmatched infrastructure.”
Phase 8 will have well-planned road network, electricity and water network, sewerage system and irrigation and district cooling facilities on a total built-up area of 2.4 million sq ft.
Over the years, DIP, the wholly-owned subsidiary of Dubai Investments, has invested in excess of Dh3.5 billion on infrastructure facilities within the Park, and today accommodates over 3,450 tenants and sub-tenants representing a wide array of industrial, distribution, logistics entities and residential units.
Since it was incorporated in 1997, Dubai Investments Park has achieved many milestones – 1998 saw the completion of its master plan and commencement of Phase 1 infrastructure development.
In 1999, DIP signed the first lease agreement. The construction of Phase 1 was completed in 2000 and was totally leased out in 2002. In 2003, Phase 2 was officially inaugurated. Starting 2004, DIP has witnessed the commencement and completion of infrastructure development of various phases. – TradeArabia News Service