Lootah Real Estate-Dubai South JV to build 11ha homes
A memorandum of understanding was inked by officials from Lootah Real Estate Development and Dubai Aviation City Corporation to set up the 50:50 joint venture
Lootah Real Estate Development (LRED) and Dubai South inked a joint venture (JV) agreement to develop a residential project spanning 10.6ha (1,150,548 sqft) in the latter's Residential District.
A memorandum of understanding (MoU) was signed to set up the 50:50 JV.
HE Khalifa Al Zaffin, executive chairman of Dubai Aviation City Corporation, and Saleh Abdullah Lootah, executive director of LRED, signed the agreement.
LRED intends to deliver "innovative developments and units without missing on affordability", the company said in a statement.
The project will be delivered in phases to meet customer demand and accommodate market changes.
Remarking on the agreement, LRED's Lootah, said: "Based on the strong growth potential and investor confidence, Lootah Real Estate has agreed to partner with Dubai South.
"Also, the fact that Dubai South will house some of the much awaited project like the Expo 2020, Al Maktoum Airport, as well as the free zones and Business Park of Dubai South, we are very keen to help and develop this project with the highest quality.
"Winning such a project is a matter of pride, and we are happy to be part of this urban project which will further add to Dubai’s unique offerings."
LRED's developments in Dubai include the under-construction residential development in Jumeirah Village Circle, The Waves.