Dubai’s IMG awards construction contract for City of Arabia project - Gulf Business
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Dubai’s IMG awards construction contract for City of Arabia project

Dubai’s IMG awards construction contract for City of Arabia project

The deal to construct the Avenue 353 villa project has been awarded to McFadden International Construction Group.

Dubai-based Ilyas & Mustafa Galadari Real Estate group announced that it has awarded a construction contract to the McFadden International Construction Group for its Avenue 353 project.

The value of the deal was not disclosed.

The project, located within a gated community in the City of Arabia development, was launched in March 2015 and features high-end four-storey villas.

Each villa includes a functional basement level that comes with a maid’s room, laundry, store and additional space for a cinema room and gym or auxiliary kitchen. A mezzanine floor houses a private guestroom.

The villas also come with underground parking, private elevators and open-terraced rooftop gardens.

Residents will also have access to cycling tracks, athletic courts, a children’s play area and an outdoor retail strip comprising supermarkets, fashion, cafés, restaurants and clinics.

The freehold property is located 500 meters from upcoming development IMG Worlds of Adventure, a 1.5 million sq ft theme park complex that will feature four zones – Marvel, Cartoon Network, Lost Valley and IMG Boulevard. It is slated to open later this year.

The overall City of Arabia development will also feature Mall of Arabia – which will include over 1,000 retail outlets, Wadi Walk – a waterfront community with apartments, outdoor cafes and retail outlets and Elite Towers – a group of commercial and residential buildings.

With a total of 8,200 residential components, City of Arabia is slated to house 32,800 people on completion.

Dubai’s real estate market has seen increasing activity in recent months despite a slowdown in residential property prices.

Over 12,600 new units are expected to come to the market by the end of 2016 and a further 15,800 completions are scheduled between 2017 and 2018, property consultant Cluttons said in a recent report.

However, the risk of an oversupply appears to be minimal, considering the anticipated population growth of close to 400,000 over this period, the report added.

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