First Stage of Meydan Sobha’s District One project is on track to be completed by 2016

Home - Blog - First Stage of Meydan Sobha’s District One project is on track to be completed by 2016

The engineer of Meyden Sobha’s District One project has stated that it has grabbed the enthusiasm of solid investors, which enabled all the estates to sell out in the first stage.

The principal period of District One’s task is inside of the City of Mohammed bin Rashid in Dubai, and it is on its way to be finished by mid-2016, according to its engineer.

District One project is being produced through a partnership between the private designer, Sobha and the government-claimed Meydan. This AED 25 billion development features extravagant private units and the world’s biggest man-made pond. Alongside mosques, District One project will also include an international school, a children’s nursery, a shopping and feasting avenue, and a community centre.

Furthermore, the organization has confirmed that it has finished 90 percent of the establishments of all estates in the first stage. The engineer said that it has successfully sold all their manor units in the first stage, while manors in the second are almost entirely sold as well. The work on the framework as well as the vertical structures, including an 8.8 km bike and running track, are likewise advancing quickly.

As of now, there are 4,000 workers on the job, which is expected to increase to 7,000 after a few months.

Board member from Meydan Sobha, Mohammed Ahmed bin Abdulaziz Al Shehhi, has said that with development reaching goals for both stage one and stage two, the organization is anticipating another effective year ahead, as they prepare for conveyance of stage 1 starting in mid-2016.

This project was among the many to be introduced for investments in 2013 after the recovery of Dubai’s real estate market. However, the real estate market has settled in the most recent two years, with the cost of properties cooling as an aftereffect of government measures, for example, higher exchange rate and mortgage cap.

As per a late report by Cluttons, which is a property firm, housing costs slipped 0.8 percent during the first quarter, having left the normal costs to drop 0.5 percent lower than a year prior, and 19.4 percent below the 2008 record. The report also stated that the market position looks rather calm, as it anticipated an unwavering demand for housing in the emirate for quite a while.

Cluttons further stated that around 12,600 housing units will be given over before the end of 2016, and around 15,800 establishments are planned for 2017-2018. At the same time, Cluttons’ report discounted any probability of an oversupply, owing to the growth of Dubai’s populace.

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