Dubai Investments has announced that the infrastructure development of The Palisades project in Dubai Investments Park (DIP) is underway.
The AED600 million ($163 million) mixed-use project is spread across 13 million square feet with a total built-up area of approximately 22 million square feet and offers a range of residential, retail, office and recreational attractions.
The residential part is set to comprise 20 buildings with 1,450 apartments, 36 townhouses and eight luxury villas.
The project is exclusively managed by Dubai Investments, through the Palisades Development Company.
Dubai Investments said in a statement that a contract for earthworks grading and leveling of the roads has been awarded to Arabtec Construction. The grading work is expected to be completed by September.
“The master plan of The Palisades is aligned with current market requirements. The infrastructure within the project is being developed in phases at a total cost of AED580 million,” said Khalid Bin Kalban, managing director and CEO of Dubai Investments.
The infrastructure work includes construction of two 132KV sub-stations, district cooling network, sewage and irrigation systems, fire-hydrant networks, street lights, green parks and public facilities, the statement said.
The Palisades has been divided into plots of varying sizes, ranging from 60,000 square feet to 600,000 square feet which will be sold to investors.
The Palisades is located close to the Expo 2020 site, Jebel Ali port and industrial area, Al Maktoum International Airport, Dubai South and other business districts in Dubai.
[Ref: arabianbusiness.com]
