The much-delayed residential project located in Dubailand is set to deliver first 150 villas in Q2 2015.
17 hours ago
Living Legends, a much-delayed luxury residential project in Dubai, will begin delivering its first units this year, its developer, Tanmiyat Global, confirmed.
The first 150 villas will be handed over in the second half of 2015, with the overall project also “on track” for completion in 2016, a statement said.
The development, located in Dubailand, will comprise 500 villas and 12 apartment towers, along with a community club house, shopping mall, boutique hotel, schools, clinics, and a nine-hole golf course, all spread across over 14 million sq ft.
Following the 2008 financial crisis, the project suffered delays but “under the new management of Tanmiyat Global, Living Legends is committed to finishing the project on-schedule and with full transparency,” the statement said.
Tanmiyat CEO Mohammed Bin Odah said: “We want Living Legends to epitomise our mission and values and that means meeting investor expectations that we meet our schedule for delivery on time, every time with visible progress towards our future goals.”
More than 4,000 workers are on-site every day, and the developers have initiated the communication with the owners of the first phase.
Prices start at Dhs833 per square foot for studio to three bedroom apartments, while the projected price on completion is Dhs1,250.
Currently, up to 80 per cent of the units have been sold.
Several property projects were stalled during the real estate crash in Dubai in 2009, and following recovery in the market over the last two years, some of them have been revived.
In November last year, the Dubai Land Department revealed that atleast 43 stalled projects worth over Dhs10 billion were revived through its property project revival initiatives.