During a signing ceremony today, Lootah Real Estate Development, one of the region’s prominent modern real estate developers, announced their joint venture with Dubai South.
As per the signed agreement, Lootah Real Estate will further develop 1,150,548 square feet residential project within the Residential District, offering world-class community living within an urban environment. To meet customer demands and accommodate market changes, the residential project will be delivered within phases.
A memorandum of understanding was signed with an aim to set up a 50:50 joint venture between the two organisations to further build the new residential project. Hosted at the Dubai South headquarters, the signing ceremony saw the presence of HE Khalifa Al Zaffin, executive chairman of Dubai Aviation City Corporation and Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development.
Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development said: “Based on the strong growth potential and investor confidence, Lootah Real Estate has agreed to partner with Dubai South. Also, the fact that Dubai South will house some of the much awaited project like the Expo 2020, Al Maktoum Airport, as well as the free zones and Business Park of Dubai South, we are very keen to help and develop this project with the highest quality. 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.”
Translating the brand USP within the upcoming project, Lootah Real Estate plans to deliver innovative developments and units without missing on affordability.
Saleh Abdullah Lootah, further added, “Our team has always worked towards the vision that our leaders hold for this city, and being awarded with this contract is a testament to our success of achieving the former said.”
The Residential District will boast around 10,000 residential units between villas, townhouses and apartments by 2020 - housing an estimated 35,000 residents. Adjoining the Expo 2020 site, the Logistics District and a staff village, Dubai South's Residential District includes schools, nurseries, hospitals, retail outlets, F&B options, a post office, swimming academy and a sports centre.
HE Khalifa Al Zaffin, executive chairman of Dubai Aviation City Corporation: ““Dubai
South is a city designed primarily on the happiness and well-being of its people;
And today, as we enter our next phase of growth led by our talents, it is important that national companies such as Dubai South and Lootah Real Estate work jointly to launch projects that are important to boost Dubai’s future development”.
“As the city further underlines its credentials as a global hub by welcoming professionals and entrepreneurs from around the world, and led by Dubai Plan 2021 and to ensure that ultimately our country takes its place on the world stage as the happiest place to be, it is important to continue to build our world-class infrastructure to meet future needs. The project will set new benchmarks in urban development, with its focus on creating a self-sustained urban destination to empower businesses, families and individuals to grow and prosper”
Dubai South is the master planned city formerly known as Dubai World Central that encompasses the new Al Maktoum International Airport and Dubai’s Expo 2020 site, which will become an exhibition district when the event concludes.
