Arabian Business reported that developers behind the USD 4 billion Dubai Pearl mega project said that construction was on course for completion of Phase I in 2013.
Mr Abdul Majeed Ismail Al Fahim chairman of Pearl Dubai said that demand was still there for the right project despite the UAE's real estate slump. Despite recent challenges in the UAE's real estate sector there is still demand for the right projects being built in the right location.
He said that construction had continued through the downturn and the project remained on schedule. We have already sold 500 residential units, representing 95% of the initial units released to date to over 40 different nationalities.
He added that the groundwork, foundations, basements and lower grounds floors of the 4 towers which form the central section of Phase I of the development was now complete.
Designed by Schweger Associated Architects of Germany for Pearl Dubai, a consortium of investors led by Abu Dhabi's Al Fahim Group, the development will offer a city within a city. It will comprise a mix of high end residential, retail, hotel, office and cultural space including a purpose built theatre complex with an 1,800 seat auditorium, capable of hosting major global and regional entertainment events and shows.
Mr Al Fahim said that the market continues to improve, albeit slowly, but given the size and scale of this development we can expect to see confidence continuing to grow as we start completing phase one of the development towards the end of 2013. In the meantime, with construction continuing on site, people can now see the superstructure rising above the bridges and roads that surround the Dubai Pearl site which is located at the base of Palm Jumeirah.
Construction was started in 2008, and the project is estimated to cost USD 4 billion. Once completed Dubai Pearl will accommodate 9,000 residents and its commercial sector will employ 12,000 people. A total of 3.5 million man hours have so far been spent since work started on site and over 60,000 cubic of concrete has been poured on one of the largest construction projects still being developed in the UAE.
(Sourced from www.arabianbusiness.com)
