By Beatrice Thomas http://www.arabianbusiness.com
Dubai developers Meydan and Meraas will undertake a 40 million sq ft development as part of the ambitious new Dubai Canal Project launched last week.
Mohammad Al Khayat, Meydan’s head of commercial and free zone, told reporters at Cityscape Global on Tuesday that the joint venture, which was valued at about AED30-35bn ($8.62bn-$9.53bn) in sales, would be for residential development on both sides of the canal.
The $545m, 3km canal, announced by the Dubai Government last week, will extend from the Business Bay district, cross the Sheikh Zayed Road, between Safa and 1st Interchanges, and will pass across Safa Park and Al Wasl Road and terminate at the Arabian Gulf.
Al Khayat said there would be 9 million sq ft in residential, comprising 4,500 serviced and residential apartments, including some in high-rise along the boardwalk, as well as 44 townhouses and 19 villas. More info