Wasl unveils one of Sheikh Zayed Road's 'largest' projects
Wasl Gate, close to the Energy metro station in Jebel Ali, will feature Dubai's second Ikea outlet
Wasl Asset Management Group has launched what it calls one of the "largest" new projects on Dubai's Sheikh Zayed Road, a 1.2km² master development named Wasl Gate.
Wasl Gate is a freehold, mixed-use development featuring 257 townhouses, 6,500 apartments, an Al-Futtaim shopping centre, Dubai's second Ikea outlet, and a hypermarket, as well as dining, retail, and entertainment outlets.
Ikea and Al-Futtaim's hardware store, Ace, will be located in Festival Plaza, which is scheduled for completion in Q4 2019.
Construction Week has contacted Wasl Asset Management Group for details about the cost and timeline of the development.
According to a statement about the project, Wasl Gate will also have hotels and leisure facilities, a sports centre, a school, and a park that will provide a link to all of the commercial and residential districts within the development.
The freehold development is located in Jebel Ali, near to the Energy station on the Dubai Metro Red Line.
Commenting on the project, HE Hesham Al Qassim, chief executive officer of Wasl Asset Management Group, said Wasl Gate would help the developer “expand” its real estate portfolio in the emirate.
“We are constantly seeking to ensure added-value to our customers with each of our unique projects by offering them new concepts with attractive investment options,” he continued.
The project is a continuation of Wasl's recent value-added strategy, according to a company statement, which added that the first project launched under this goal was the the freehold, mixed-used Wasl 1 development. Wasl 1 is located near the Al Jafiliya metro stop on the southern side of the Dubai Creek.
Wasl Asset Management, which calls itself one of the largest real estate developers in the UAE, operates in several real estate verticals through three subsidiaries: Wasl Properties, Wasl Hospitality, and Dubai Golf.
Wasl Properties recently completed 190 residential units for its UAE heritage-style project Wasl District, as part of Phase 2 works. The project aims to evoke traditional Emirati architecture and design, as part of the developer's aspiration to preserve and maintain traditional UAE buildings.