Tuesday, 26 August 2008

Dh50 billion Culture Village inches closer to completion

: Dubai Properties, master real estate developer and a subsidiary of Dubai Properties Group (DPG), a member of Dubai Holding, announced that the Dh50 billion Culture Village project has crossed key construction milestones, including the completion of 90 per cent of the Dh1 billion infrastructure works.

Dubai Properties recently premiered Culture Village's residential component at Harrods in London to an excellent reception from investors.

Canal works within the 40 million sq. ft. Culture Village site, situated next to the Garhoud Bridge along the Dubai Creek, is 95 per cent complete. While the residential, commercial and retail districts within the project are being developed by 15 private developers, building works for these districts are being simultaneously undertaken. One of the most distinct developments on site will be the Palazzo Versace Dubai, a project by Gianni Versace Spa and Sunland Group Ltd, which is also 25 per cent complete.

Hashim Al Dabal, Executive Chairman, Dubai Properties Group, said: "Culture Village is an important element of Dubai Properties' total portfolio. It gives me great pride to witness the steady realization of a dream that began when Dubai's leadership envisioned a project that would strengthen our city's art and cultural offerings."

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