Developer also reveals plans for phased handover by the end of 2019 and early 2020
Ithra Dubai, the master developer wholly owned by Investment Corporation of Dubai (ICD), has revealed its progress report for Phase 1 of the Deira Enrichment Project, as well as its plans for phased handover by the end of 2019 and early 2020.
Speaking at an event attended by selected members of the media, including MECN.com, Issam Galadari, the CEO of Ithra Dubai, said that 12 districts are under execution in Phase 1 of the Deira Enrichment Project (DEP), consisting of more than 47 buildings of mixed-use. This incorporates 2,200 residential units, 416 commercial units, 843 retail units, six hotels amounting to more than 1,000 rooms and serviced apartments, and a number of multi-storey carparks.
Out of the 13 districts, 12 are under construction, with all at different stages of completion. One district is being used as a logistics base for the rest of the project. District 1 to District 3 are between 65% and 85% in terms of completion. The total value of what is currently under construction is $1.08 billion, Galadari added.
Ithra Dubai is planning a staggered handover process, starting from the end of 2019. The first to be handed over is District Three, which is currently at 85% completion. The district will hold 350 apartments, 45 retail units, 40 offices and 290 hotel rooms in the four-star Wyndham hotel planned. This will then be followed by District 11, which will include 21 office units, 25 retail units, and 94 hotel keys and serviced apartments operated by Super 8.
District 13 is the Gold Souk extension and is at 65% development. It is comprised of 289 residential units, 229 office units and 176 retail units. Districts 1 and 2 are at 65% and 75% completion, respectively.
“We are pleased to announce the significant progress towards the completion of Phase 1 of the DEP, which aims to offer solutions of modernization, and efficiency in the utilization of space, such that it will improve the movement of people and goods in and around the Deira area,” said Galadari, adding that DEP has already celebrated the successful launch of the Gold Souk extension, which saw an unprecedented level of interest from gold retailers and traders.
The Waterfront Market, which is also part of the DEP, is also now operational, improving the fresh food shopping experience and creating an environment for local fishermen, butchers, vegetable and dry good traders to grow and thrive.
Galadari stressed that Ithra Dubai is keen to maintain the traditional aspect of Deira, while providing modernised solutions including the addition of multi-story car parks, over and above the basement parking across the development to cater for the high number of expected visitors and tenants in the area. Green spaces are similarly a key essence of DEP, presenting a redefined sense of softness and greenery, he said.
The developer manages and develops a number of ambitious real estate projects currently being undertaken in Dubai, including One Za’abeel, which is currently under development and due to be completed by Q3, 2021. One Za’abeel will host the world’s longest cantilever (The Link) connecting its two high towers.