DIRC set to re-launch $545m Mirdiff Hills project

Development of five-star hotel in Dubai Maritime City also planned

DIRC own a plot in Maritime City where they are looking into plans to build a five-star hotel
DIRC own a plot in Maritime City where they are looking into plans to build a five-star hotel

Dubai Investments Real Estate Company (DIRC), a subsidiary of publicly- listed Dubai Investments, is planning to relaunch the $545m Mirdiff Hills project and develop a five-star hotel in Dubai Maritime City, Emirates 24|7 reports.

“We are thinking of launching phase one of the Mirdiff Hills project since designs are already approved by the authorities,” Obaid Mohammed Al Salami, GM of DIRC, revealed.

“We are also studying plans to build a five-star hotel in Maritime City, where we do own a plot,” he added. However, he refused to give a timeframe on when these projects would start.

Mirdiff Hills, which is registered with the Dubai Land Department, is the only freehold development in Mirdiff. The mixed-use development comprises 680 apartments, 380 offices and 129 retail outlets.

In July 2009, Khaled Kalban, MD and CEO, Dubai Investments, said that the Mirdiff Hills project was on hold, and investors were refunded in full.

In December 2011, Dubai Maritime City announced that six projects would be carried out by six developers in the $681m, 121ha business district development, with work expected to begin on-site by end 2012.

Lately, recovery in Dubai's real-estate sector has driven a number of developers to launch new, or relaunch their old, approved projects.

Nakheel and Emaar Properties are leading the bunch, having launched two new projects, while Pacific Venture became the first company to acquire two projects in Jumeirah Village under the Dubai Land Department’s Tanmia scheme.

Tanmia is an initiative which aims to restart stalled project though public-private partnership and is currently reviewing over 100 projects.

Al Salami believes that the Dubai property market has finally bottomed out and that prices are stabilising. “The market volatility is over. The market is stabilising and will gradually go up,” he said.

DIRC has over 2,250 apartments, 100 warehouses, two office building and more than 3,000 labour-camp rooms under its management.

Jones Lang LaSalle, a global property consultancy, said on Sunday that the residential market in Dubai “looks to have bottomed out.”

It said villa prices registered an increase of 21%, while apartments remained flat, year-on-year, and added that rents and prices will continue their upward trend during the remaining of 2012.

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