Dubai Properties said the Dh50 billion ($13.6 billion) Culture Village project has crossed key construction milestones including the completion of 90 per cent of the Dh1 billion infrastructure works.
A master real estate developer and a subsidiary of Dubai Properties Group (DPG), recently premiered Culture Village’s residential component at Harrods in London to an excellent reception from investors.
The canal works within the 40 million sq ft Culture Village site, situated next to the Garhoud Bridge along the Dubai Creek, is 95 per cent complete, said a company official.
While the residential, commercial and retail districts within the project are being developed by 15 private developers, building works for these districts are being simultaneously undertaken.
One of the most distinct developments on site will be the Palazzo Versace Dubai, a project by Gianni Versace Spa and Sunland Group Limited, which is also 25 per cent complete.
Hashim Al Dabal, executive chairman, Dubai Properties Group, pointed out that Culture Village was an important element of Dubai Properties’ total portfolio.
'It gives me great pride to witness the steady realization of a dream that began when Dubai’s leadership envisioned a project that would strengthen our city’s art and cultural offerings.'
“The sustained release of projects within Culture Village alongside its construction milestones makes it one of the most appealing destinations for the global investor. An investment in Culture Village is an investment in art and heritage, two of the most important pillars of the society,” he remarked.
The focus point of the retail component within Culture Village, a rustic traditional souk that will merchandise Arabian crafts, antiques, and spices and herbs is also 20 per cent complete.
The construction work is fast progressing on the project’s residential component that was launched last year. In addition, hotel apartments and residential units overlooking the Dubai Creek will be released during Cityscape Dubai 2008.-TradeArabia News Service