Dubai, United Arab Emirates (UAE) - September 1st, 2020: Ithra Dubai, wholly owned by the Investment Corporation of Dubai, announces the launch of Plot 3 of Phase 1 of the Deira Enrichment Project (DEP.) Known as “Sherina Plaza,” Plot 3 has entered the close-out and handover phase, leading the way before Plots 1, 2, 11 and 12 soon to be completed within Phase 1 of DEP.
The announcement was made during a media tour of Plot 3 organized by Ithra Dubai and attended by the developer’s principals Mr. Issam Galadari, Director and CEO and Mr. Raad Jarrah, Chief Development Officer, as well as engineers and architects who helped bring this project to life.
Plot 3 is the first installment of DEP to be launched within the massive mixed-use development meant to rejuvenate and revitalize Dubai’s heart of commerce and oldest community. It features 350 residential 1,2 and 3 bedroom units, ranging from 861 to 2,045 square feet, a four-star hotel with 290 rooms operated by Wyndham Hotels and Resorts, 45 restaurants and retail units, and 721,182 square feet of office space.
“We are happy to announce the launch of Plot 3 of the Deira Enrichment Project. We are driven by one objective and that is to enrich cities and add value to their citizens, whether by elevating lifestyles or offering integrated solutions that balance work, living and leisure,” said Issam Galadari in marking this occasion.
He continued "We are committed to delivering the project in a timely manner without compromising on the highest in quality standards. Inspired by the Dubai vision, DEP will reaffirm Deira’s historic standing as Dubai’s original trading hub and will play a vital role in the future development of the city.”
Commenting on this new achievement, Raad Jarrah said “DEP broke ground in 2017 and is today launching the first of its mixed-used plots. From deference to heritage with a modern application in design and architecture, to incorporated green spaces and a concern for sustainability, DEP accounts for every aspect of Ithra Dubai’s vision.”
He added: "The development will ease navigation in and around Deira thanks to multi-storey car parks and an integrated transportation hub under construction in Plot 4. All of Dubai Transport Authority services such as a metro, buses and taxis will be available, facilitating access to public transportation and minimizing dependence on private cars.”
Commenting on the buildings ready to be delivered: " DEP was at all times meant to be the place where people want to spend their time, whether to live, work or play. Plot 3 for instance consists of two residential buildings, a hotel and an office building with panoramic views of the waterfront, as well as small parks with nearby children play areas. Residents will enjoy a number of facilities such as rooftop pools, gyms, a plaza, prayer rooms and public baths. Sherina Plaza is ready to receive its new residents and welcome future tenants.”
Next to Phase 1, 2 and 3 of the project, DEP features the Waterfront Market and the Gold Souk Extension scheduled to open for the public beginning of next year. Phase 1 includes 50 mixed-use buildings, 2,200 residential units, 416 commercial units, 843 retail units, restaurants and cafes, as well as eight hotels with more than 1,450 rooms and serviced apartments, multiple leisure facilities, a park overlooking the waterfront, green landscapes and multi-storey parking space.
Ithra Dubai will next be launching Plots 1, 2, 11 and 13, equally consisting of mixed-use facilities and boasting of lush green areas and ample parking spaces. Plots 11 and 13 are dedicated to the Gold Souk Extension and designed to suit the unique needs of gold traders and precious stone merchants.
About the Deira Enrichment Project and the Gold Souk Extension:
Deira is the vibrant cornerstone of Dubai’s trading legacy and a place rich in culture and overflowing with history. From the waterfront apartments overlooking The Creek, to an extension of the Deira Souk, the development will create a bustling hub of life that will add to the already rich tapestry woven by communities past and present. It will become a place in which people realize their potential and find the true meaning of home.
Covering a GFA area of 1,181,025 ft2, the new Gold Souk Extension will host approximately 295 retail units and 250 offices, in addition to 468 high quality residences. It is expected to be completed in the beginning of 2021.