FINANCIAL NEWS

Dubai Sports City developers vow to deliver at least 6 towers in 2012

20 Mar 2012

(MENAFN) Dubai Properties, the master developer of USD4 billion mixed-use Dubai Sports City project vowed to deliver a minimum of six new projects this year, Arabian Business reported.

It also committed to building as per the original master plan and said none of its projects had been cancelled by RERA. The promise was made after outcry from investors over building delays.

Some of the investors have set up action groups and websites in a bid to get their voices heard, but representatives from Dubai Sports City insist that the project is ongoing and will be completed, albeit in stages.

They claim the development has a total of 5,500 residents with over 90 percent of the main infrastructure complete.

The developer said it will be completing Canal Residence West, a development offering 500 apartments. Over 95 percent of this development has been sold and construction is at 91 percent.

is a 4.6 million sqm mixed-use project located off Emirates Road, originally designed to feature a mix of sports complexes surrounded by residential and commercial buildings in the heart of Dubailand.

Dubai Sports City was launched in 2003, it was intended to include a 60,000-seat, multi-purpose, outdoor stadium for cricket, football and athletics tournaments; in addition to a 25,000-seat cricket ground; a 10,000-capacity, indoor arena and a 5,000-seat hockey stadium. Other features included retail areas and community facilities such as schools.

The master developer and a number of sub-developers have yet to complete a large number of the scheduled projects, despite their ambitions, including the 60,000-seat stadium.

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