Meraas to delay Jumeirah Gardens project

Meraas Development is reviewing the rollout of its US $95 billion (AED350 billion) Jumeirah Gardens project, in light of current market conditions, executives said.

The project, which includes a trio of buildings more than 600m tall, was announced at Cityscape Dubai last October. 

Lack of liquidity and declining investor interest has forced the developer to “focus priority on certain phases of the project that would suit the current market,” said company official Mohammed El Batta.  

Exact details of its short-term strategy, he continued, were not yet available, insisting that the survival of the company was not in question.  ‘We’re not closing down; we’re operational. There’s nothing of that sort happening.”

Located in Satwa, the development also included inhabitable sky bridges, islands off the coast and a network of canals.

“Shifting away from the fast track development of its Jumeirah Gardens project, and in light of the rapid change in the real estate market and global economic conditions, Meraas Development is now focusing on adapting its master plan, designs and product mix to suit market conditions,” the company said in a statement yesterday.

“The company is redefining its short-term strategy and approach to focus on developing initial phases of Jumeirah Gardens while confirming its commitment to the principle of developing an integrated city in the heart of Dubai. Meraas is well poised to accelerate its development upon stabilisation of the real estate market."

Meraas is reported to have suspended work on another tower on Sheikh Zayed Road.