Lootah Real Estate, Dubai South in JV deal
Joint venture will see construction of 1.1m sq ft of property at Dubai South
Lootah Real Estate (LRE) and Dubai South have entered into a joint venture to develop residential units in the Dubai South residential district. The agreement calls for the phased development of approximately 1.1m sq ft of property.
“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,” said Saleh Abdullah Lootah, executive director of Lootah Real Estate.
The Dubai South residential district is expected to house 10,000 homes and some 35,000 residents. The district will also have nurseries, schools, hospitals, shops, F&B outlets, a post office and a sports centre.
LRE’s Lootah signed the agreement with Dubai Airport City Corporation’s executive chairman, Khalifa Al Zaffin. The former said that his company entered into the partnership based on the growth potential of Dubai South.
“The fact that Dubai South will house some of the much awaited projects like the EXPO 2020, Al Maktoum Airport, as well as free zones and the Business Park of Dubai South, we are very keen to help and develop this project with the highest quality,” added Lootah.
Sales have already begun for more than 6,000 units on the Dubai South site, while an additional 28,000 are currently in the planning phase across the development.
