Dubai Creek phase one to complete in 30 months
Dubai Creek Residences is six-tower cluster
Phase one of the Dubai Creek Harbour masterplan at The Lagoons has already began. And it has been revealed construction work should be complete within 30 months.
The huge development, which is located as part of the Mohammed bin Rashid City, was launched on Monday by Emaar Properties and Dubai Holding.
Phase one of the project, Dubai Creek Residences, is a six-tower cluster within the island district of Dubai Creek Harbour at The Lagoons.
With the towers standing at 40-storeys, apartments range in size from 900 to over 2,150ft2 for the one, two and three-bedroom residences.
Ahmad Bin Byat, chief executive officer of Dubai Holding, said: “With the Dubai Creek Residences, the first project in the mega Dubai Creek Harbour at The Lagoons development, we are bringing a lifestyle choice that is unprecedented in the city.”
Mohamed Alabbar, chairman of Emaar Properties, confirmed the timescale of the initial construction.
He said: “We’ve just started and we’re looking to finish within 30 months.”
The total cost of the six million square metre development was not given, although Alabbar admitted funding, from the Emaar Properties side, would most probably be sourced through direct borrowing.
“At this stage, the balance sheets of both companies are healthy,” he said. “I’d probably go down the borrowing route form our side.”
Dubai Creek Harbour will have a dedicated retail precinct and pedestrian walkways. It will also feature The Dubai Twin Towers, an iconic mixed-use development billed to be the tallest twin towers in the world that will also define a new skyline for the city.
The launch of Dubai Creek Residences will be held on a first-come first-served basis on 1 November, 2014 in four locations: Emaar Pavilion on Mohammed Bin Rashid Boulevard, in Dubai, at 2pm; in Abu Dhabi, at 2pm; in London at Four Seasons Hotel London at Park Lane, at 10am; and in Moscow at Ritz-Carlton, Moscow, at 1pm.