Monday, August 7, 2017

Lootah to build massive housing project in Dubai South

The UAE-based Lootah Real Estate has signed a deal with Dubai South to develop more than one million sq ft of housing units at the development's residential district.

The project, which is a joint venture between Lootah Real Estate and Dubai South, will result in the construction of 1,150,548 sq ft of residential units over a number of phases, a Wam news agency report said.

Dubai South is an emerging 145-sq-km master-planned city, which is projected to sustain a population of a million. As an economic platform, it is designed to support every conceivable kind of business and industry and create 500,000 jobs.

It is home to the world's largest airport in the making – the Al Maktoum International Airport – and is set to host landmark events such as World Expo 2020 and the Dubai Airshow.

Lootah Real Estate's executive director Saleh Abdullah Lootah, who signed the agreement with Dubai Airport City Corporation's executive chairman Khalifa Al Zaffin, said it had decided to sign the partnership with Dubai South "based on the strong growth potential" of the area, citing developments such as the nearby Expo 2020 site and the Al Maktoum International Airport.

"Winning such a project is a matter of pride, and we are happy to be part of this urban project which will further add to Dubai’s unique offerings," Lootah said.

Dubai South has already signed agreements with a number of other developers for the site. Emaar Properties is building a 7-sq-km project that will contain 15,000 homes around a golf course development known as Emaar South; and Deyaar announced in January its joint venture with Dubai South to build a 1.27-million-sq-ft project in the residential district.

In total, it is expected that about 10,000 homes will be built in the residential district, housing 35,000 residents. It will also contain schools, hospitals, nurseries, shops, food and beverage outlets, a post office and a sports centre.

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