Dubai's Lootah Real Estate to begin Ajman resort works in 2018
Detailed designs are underway for the Masfout Heights Resort, for which Ajman Properties Corp will work with the Dubai developer to deliver Phase 1 in 2021
Dubai's Lootah Real Estate Development (LRED) will join key organisations from Ajman to develop the Masfout Heights Resort project.
Hotels, tourism villas, a natural reserve, parks, a lake, an entertainment area, commercial units, and mosques will be developed within the project.
SITE VISIT: Wyndham Garden, Ajman
LRED's portfolio primarily comprises residential developments in Dubai, with the Masfout project marking a significant expansion for the company in terms of both, location and property type.
HH Sheikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council Member and Ruler of Ajman, recently reviewed the project's plans and designs.
An agreement was signed between LRED and Ajman Properties Corporation (Aqaar) to develop Masfout Heights Resort.
Saleh Abdullah Lootah, executive director at LRED, said the project would be implemented "in several phases within five years".
Lootah said primary design works had been completed, and referral work was underway for detailed drawings.
While the project's cost was not revealed, an engineering consultant would be picked to begin project implementation by mid-2018, Lootah said.
Phase 1 of Masfout Heights Resort is set for completion in 2021, UAE news agency, WAM, reported.
Last month, LRED invited bids to develop the master plan of a residential project it will implement in Dubai South.
Being carried out through a joint venture (JV) agreement with Dubai South, the 11ha development will be situated with Dubai South's Residential District.
The Residential District is expected to comprise 10,000 homes across villa, townhouse, and apartment units by 2020, housing up to 35,000 residents.
Schools, nurseries, hospitals, retail stores, food and beverage outlets, a sports centre, and a swimming academy will also be developed within the residential hub.
A memorandum of understanding (MoU) was signed to set up the 50:50 JV between both companies this August.