Dubai Investments launch Dh.2bn Mirdiff Hills mixed-use development in Dubai


http://i38.tinypic.com/a44jfn.jpg

Dubai Investments (DI), through its real estate arm Dubai Investments Real Estate Company (DIRC), has announced plans to launch the Dh.2bn Mirdiff Hills mixed-use development in Dubai.


Being the latest in a series of mega projects launched by DI, Mirdiff Hills is considered a self-contained community with corporate offices, residential apartments and retail outlets.


The project, with a total built-up area of 2.7mn Square Feet, includes all modern facilities including clubhouse, swimming pool, playschools, internet connectivity, children play area, cafes, and 24-hour security.


Speaking during the launch of the project, the Managing Director and CEO of DI, Khalid Kalban, mentioned that DIRC aims to play a leading role in regional property sector, and through the launch of Mirdiff Hills the company plans to take a considerable step towards achieving objectives and consolidating the market presence of the company.


He revealed that several other prestigious projects are in pipeline, and DIRC is all set to expand its growing portfolio and presence in UAE realty sector.


Mirdiff Hills is a landmark project, and is likely to be one of the most desired mixed-use destinations in Dubai. With a unique blend of residential, retail and commercial units, together with world-class and leisure amenities, Mirdiff Hills will be a good self-sustained township, which offers tenants a comfortable community lifestyle, described Obaid Al Salami, the General Manager of DIRC.


Construction has already commenced, and the project will be complete by 2010.


Located in the Mirdiff area of the City, the Mirdiff Hills features 680 comfortable apartments, 380 offices and 129 retail units. Designed by the renowned Dubai-based architects Al Shurooq Engineering Consultants, the construction leaders Al Arif Contracting Company has been appointed as the lead contractor.


DIRC owns a portfolio of excellent mix of residential and commercial projects in UAE, apart from the Dh.14bn mixed-use development that is currently under construction in Ajman. DIRC has also made its presence felt in the hospitality and sports management sectors through its subsidiaries.

Its first project 'Ritaj' HAS NOT picked up properly .I think, there is very little or no construction activity on RITAJ so its doubtful & will have to think twice in investing in Mirdif Hills .

any one knows where in Mirdif exactly?

Has anything new come up with this project !!!!!!!!!!!!!

:banana:

^^

I dont think its launched by MIDAS .The renders state its launched by Dubai Investments (DI), through its real estate arm Dubai Investments Real Estate Company (DIRC) .

PLEASE CLEARIFY !!!!!!!!!

MIDAS must be one of the developers associated with this project. DIRC must be the master developer and MIDAS must have purchase land for development from them. That's the best that i can think of!

MIDAS must be one of the developers associated with this project. DIRC must be the master developer and MIDAS must have purchase land for development from them. That's the best that i can think of!

You mean ure not sure of it !
Appreciate it if u could lemme know proper inside information .
:)

Nothing on website .
http://www.di-realestate.com

Dear Investors
We have invested in M Holdings Midas towers in Marmooka City(Plot MC09 and MC10) both towers were fully sold out 450million aed. M Holding have since stolen everyones money and disappeared. Todate we have only come accross 1 other investor who even knows about this Fraud. We are trying to join forces with other M holding investors.

They also were selling Mirdiff Hill in deira(15 buildings) and again no one on these projects seem aware that M Holding have stolen everyones money.

If there are any other M Holding investors lets begin to communicate and plan our course of Action.

The master developer of Marmooka City REIA confirms M holding till October 2008 had paid 15million aed for each plot MC09 and MC10. Since then no further land payments were made by M Holding.
According to the General director of REIA investors have a claim to this money.

Dashin.

shortly before I left mirdif, there was a desert area between the south-eastern most edge of mirdif and mushrif park. they started boarding up that desert area to build something. could be this mirdif hills project.

Mirdiff Hills investors receive 100% refund

on Thursday, July 02, 2009

Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is giving a 100-per cent refund to its investors on the Mirdiff Hills project, which it has put on hold due to unavailability of mortgage financing.

The Mirdiff Hills project, located in Mirdif, is a Dh2 billion mixed-use development comprising 680 apartments, 380 offices and 129 retail outlets. The project was launched in July last year with completion scheduled for 2010.

"We have put the Mirdiff Hills project on hold because of a lack of availability of mortgage financing on the project. Investors have got back to us saying they cannot pay up for their units," Khaled Kalban, Managing Director and CEO, Dubai Investments, told Emirates Business in an exclusive interview. He said refunds of initial down payments on the project have been made to the investors.

"We have started to repay the investors' down payments in the project. There are many who would have wanted to remain invested and have taken the cheques from us reluctantly," he said.

DIRC would continue with the project should the lending scenario improve in Dubai, he said. "The Mirdiff Hills project is a product with a lot of potential as there is good demand for such properties."

Meanwhile, Dubai Investments' Fujairah-based partner, Al Taif Investments, will also be cancelling one of its projects – The Market, a mixed-use development with offices and a hospitality segment launched in March last year.

In June 2007, Dubai Investments partnered with the Fujairah Investment Establishment (FIE), the investment arm of the Fujairah Government, to launch Al Taif Investments, a Dh500 million joint-venture investment house for real estate and industry projects. Dubai Investments acquired a stake of 60 per cent in the joint venture, with the remaining 40 per cent owned by FIE.

"Al Taif Investments launched the Fujairah Business Park and The Market at the same time. Since we are expanding the business tower in the Fujairah Business Park, we decided to cancel The Market project. Our market research showed a high-end project is unlikely to work out in current market conditions," said Kalban.

According to Dubai Investments, The Market was built to be leased out, and so no investors have bought into the project. "No sale was made on the retail front and it was to be sold only when the project was completed," said Kalban. The Fujairah Business Park comprises two towers, a 44-storey office tower and a 31-storey tower comprising 424 hotel rooms and apartment units. The hotel tower will also feature a two-level shopping mall spread over more than 300,000 sq ft of retail area.

"We have floated a tender for a construction contractor on the project," he said.

Meanwhile, DIRC also said it will begin handing over the first phase of its residential project Ritaj in Dubai Investments Park. Ritaj was launched in October 2006, and the handover of the first phase of the project, comprising 900 residential units, is expected soon. Its second phase, comprising 1,200 units, will be delivered in the first quarter of 2010.

Kalban said the real estate sector in Dubai is not showing any immediate signs of recovery but there are signs of stabilisation in prices. "The decline in prices have almost stopped," he said.

Kalban also said Dubai's real estate sector is set to witness the emergence of long-term "opportunistic investors" looking to take advantage of the good property prices. "There are indications of the existence of many opportunistic investors trying to buy on the basis of prices that have now come down to reasonable levels. They can afford these investments based on the assumption the return would be about eight to 10 per cent per annum. They are not speculators but long-term investors, who will absorb a lot of the existing properties in Dubai," he said.

Dubai banks had started to drop deposit rates, he added. "Investors with cash will have to utilise it in one way or another, by either buying into stocks and shares or by buying into the real estate sector," said Kalban.

Speaking about the subsidiary Emicool, he said Dubai Investments is finalising a partner to take over Union Properties' stake in it. "Dubai Investments has a 50 per cent stake in Emicool and since our partner Union Properties said they intend selling their stake, we are seeing a few potential investors who desire to take over Union Properties' stake," said Kalban.

"Dubai Investments would like to bring in a strategic investor who has the knowledge of the industry. We are trying to sell the stake to a French company specialised in district cooling. However, because of the global crisis, the idea is on hold. We are in the evaluation stage and will go with the deal if the price is right," he said. Kalban did not divulge the name of the company or the price involved in the negotiations.

http://business24-7.ae/Articles/2009/7/Pages/01072009/07022009_eb1d05f32e7a4e4f800453513c533232.aspx

it is just daunting to see Dubai real estate so vigorously defying economic predictions for the future. It just seems like a world apart from the one we live in. I daily follow Dubai property market from this property in Dubai news (http://www.thefirstgroup.com/dubai/index.php) website and I have to say I amaze myself every day with the growth news stories... It's just fantastic. I wonder what makes it be like that!

hi all am interested in buying a studio flat in mirdif hills ...email me the detail at ouseh@hotmail.com

i am investor in mirdif hills but i did not get any refund , do any one know how we can get it?

regards

22/10/10
Landscaping has started in the gardens and public areas. The whole area will look awesome with the Mushrif Park in the direct neighborhood, a green oasis in the city :)
http://www.flickr.com/photos/sk3l/5170396150/sizes/l/in/photostream/

Hello there,
Is there any seo office in mirdif hills ?
I want to know.

22/10/10
Landscaping has started in the gardens and public areas. The whole area will look awesome with the Mushrif Park in the direct neighborhood, a green oasis in the city :)
http://www.flickr.com/photos/sk3l/5170396150/sizes/l/in/photostream/

I know it's late, but that's Ghoroob, not Mirdiff Hills :tongue2: