Real Estate Project Worth Dhs 2.3bn in Dubai Backed by Actor Shah Rukh Khan
The Royal Estate project, which was stalled in 2008, was relaunched this year as a joint venture between developers Aristocratic Star, PAL Developments and Pacific Ventures. Located in Dubai Investments Park, Royal Estate is a 2.3 million square feet gated community consisting of 2000 units including apartments, villas, boutique retail space and an office complex. The project also features a luxury hotel, the statement said.
Bollywood star Shah Rukh Khan has been roped in to endorse a Dhs2.3 billion real estate project in Dubai that was launched earlier this month by developers Aristocratic Star, PAL Developments and Pacific Ventures, the statement said. The first phase of the project, comprising of 400 units scheduled to be delivered during the first quarter of 2016.
The developers said that sales of the project would begin on August 7, 2014. Prices for apartments begin at Dhs 450, 000 while townhouses will cost from Dhs1.6 million. The Royal Estate was initially launched by Aristocratic Star in 2008 but was stalled due to the ensuing financial crisis. Aristocratic Star as a JV relaunched the project in July this year with PAL Developers and Pacific Ventures. Real estate developers have been cashing in on the property boom in Dubai announcing major mixed-use communities in various pockets of the emirate.
UAE builder Sobha Group recently launched a $4 billion mixed-use project in Dubai’s Mohammed Bin Rashid City while building material supplier the Danube launched a Dhs500 million residential project in Al Furjan area. Apartment and villa price sales prices recorded just six per cent and three per cent quarter-to-quarter growth respectively in Q2 2014, a report by Asteco found.
Information Source: The Gulf News
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