$1.9bn Living Legends homes handovers due in Q2
Saudi developer to start handover of homes on much delayed Dubai project this year
A $1.9 billion real estate project in Dubai, which was halted for years after the global financial crisis in 2008, is on track to deliver its first homes later this year, it was announced on Wednesday.
Living Legends by Saudi developer Tanmiyat is set to deliver its first 150 villas in the second quarter of 2015, a statement said.
The developer had launched Living Legends - which includes homes, shopping mall, boutique hotel, schools, clinics, and a world-class 9-hole golf course - before the property crash and was meant to deliver parts of the development between 2008-2010.
The project experienced serious delays following the economic downturn, stopping altogether at a point, but Tanmiyat restarted the project in 2012 and now says it is on course to deliver parts of it to investors this year.
Comprising 500 villas, 12 apartment buildings, as well as retail space overlooking a golf course, the 1.2 million m² development is being built by main contractor Delta Emirates Contracting Company LLC (DECC), which replaced CSI on the job.
With more than 4,000 workers on-site every day, the project promises luxury villas and apartment towers and is located near to Dubai’s downtown area. Eighty percent of units have already sold.
Under the new management of Tanmiyat Global, its CEO Mohammed Bin Odah said he is committed to finishing the project on-schedule and with full transparency.
“We want Living Legends to epitomise our mission and values and that means meeting investor expectations that we meet our schedule for delivery on time, every time with visible progress towards our future goals,” he said.