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, a statement said.
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.
The first phase of the project, comprising of 400 units, is scheduled to be delivered during the first quarter of 2016.
The developers said that sales of the project will begin on August 7, 2014. Prices for apartments begin at Dhs450,000 while townhouses will cost from Dhs1.6 million.
“Three renowned and experience organisations Aristocrat, Pal and Pacific Ventures have partnered to develop and present Royal Estates which ensures uncompromised comfort, elegance, safety and a state of the art landscaped serenity that weaves a stellar community. I am delighted to be associated with this project,” said the Indian actor Shah Rukh Khan.
The Royal Estate was initially launched by Aristocratic Star in 2008 but was stalled due to the ensuing financial crisis. The project was relaunched in July this year by Aristocratic Star as a joint venture 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 Danube launched a Dhs500 million residential project in Al Furjan area.
Real estate stalwarts such as Emaar and Nakheel have also been announcing a string of projects since the start of the year.
However, Dubai’s residential sales market slowed down in the first half of 2014, according to analysts.
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.