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DUBAI | Dubai Pearl | 300m | 984ft | 73 fl | Pro

382K views 1K replies 311 participants last post by  Gabriel900 
#1 · (Edited by Moderator)








This project was announced back in 2002 with a different design. Now the old resign has been replaced with the new design having 3 times more space. This also switched developers since they even started construction on the old design but was stalled and now they'll have to demolish what's there.

Here's are a few renders of the new one, as you can see it's absolutely massive and monolithic. Looks like it'll be somewhere between 250m and 300m high.

You can really see the size of this thing by going to the website and watching that little video:
www.dubaipearl.ae


A quote from someone who invested in this project explaining the change of ownership:

I will give everyone the update. Here is the ownership schedule, LOL

Omnix --> Tecom --> Al Fahim Group (Abu Dhabi)

Al Fahim group is saying that they will be tearing down the construction that has been started, and restart it with new models. They are adding hotels, apartments, etc. So basically yes, until Al Fahim Group gets their act together, this project is on hold.

Until then, my money, and all the other investors money are on hold, without any interest. However, I think they are going to raise the prices on the new project and give the old investors a chance to purchase at the original pre-launch prices.

More stuff:

Abu Dhabi-based group to revive Dubai Pearl project
CONSTRUCTION UAE
8 Jun 2007
Stalled private development set to resume after complete redesign

Dubai Pearl Free Zone, an affiliate of Abu Dhabi-based Al-Fahim Group, is to restart the Dubai Pearl project, with a complete redesign of the troubled scheme.

The project, which is one of the largest private developments in Dubai, was launched in 2003. However, it has suffered from crippling delays that led to Dubai Technology, e-Commerce & Media Free Zone (Tecom) assuming control of the project from Dubai Pearl Incorporated, part of Qatar’s Omnix International, last year.

Dubai Pearl Free Zone is looking for funding for the project. Three groups have submitted concept design proposals that will follow a similar theme to the original masterplan. According to the proposed schedule, construction will resume by the end of 2007.

The project, in the circular intersection serving Palm Jumeirah, originally involved the construction of about seven mixed-use towers, including a 720-room hotel, 111,000 square metres of commercial property and 93,000 square metres of shops, restaurants and promenades surrounding a 1,800-seat opera house. In June 2006, the local Dubai Contracting Company began work on two 208-metre-high office towers. This package stalled late last year before construction of the two superstructures began.

In 2004 and 2005 the local Arabtec Construction was awarded two contracts covering the construction of three towers, a 287-metre-high hotel tower and two 50-storey residential buildings. Work on these contracts stopped at about the eighth floor (MEED 20:10:06).

R

The site:






I don't know the exact story of what happened here. Maybe someone else can explain better
 
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#118 ·
The construction work really is quite a sight! The design looks great, although the lowrise bits are awful. Should be an exciting one to see rise, still. :)
 
#135 ·
Dubai Pearl completion set for 2013

Chairman says company has adjusted to the economic climate

# by Aya Lowe, Staff Reporter
# Published: 00:00 December 11, 2009


* The Dubai Pearl will occupy 1.85 million square metres and 56 per cent of the land will comprise open spaces with 45 per cent being landscaped. The developers are labelling it a “walkable city”.
* Image Credit: Supplied

Dubai : Dubai Pearl, a 1.85 million-square-metre mixed-use luxury development implemented by Pearl Dubai F Z LLC, is set to be complete by 2013.

Abdul Majeed Esmail Al Fahim, chairman of Dubai Pearl, announced that in order to reach completion, the project has adjusted to the financial environment. "We at Dubai Pearl have emphasised prioritising the following key areas in order to adapt to the economic scenario: a focus on the steady progress in the construction and the delivery of the project, flexible and tailor made payment plans to our investors, close and transparent relations with our investors and partners, and an intensive campaign to raise awareness on all the project's components."

The $4 billion (Dh14.6 billion) development is located on the fringes of the Dubai Technology and Media Free Zone, a business cluster operated by Tecom Investments and home to global IT and media companies.

Open space

Promoting itself as a walkable city, 56 per cent of the total land mass comprises of open space with 45 per cent of the project area landscaped. The development aims to be a luxury free zone and freehold development with easy access to transport links, private beach club on the World Island.

Dubai Pearl's signature structures are its four separate towers connected together at the top to form one skyscraper rising 300 metres.

Other components include residences, hotels entertainment facilities under global names such as Baccarat, Bellagio, MGM Grand and Sky Lofts.

Dubai Pearl's partnership with luxury brands Baccarat for the Baccarat Hotels and Residence, and MGM Mirage for the Bellagio hotel, MGM Grand Hotel and Skylofts hotel aims to create long term value for the developments' stakeholders.

The hospitality sector of hotels makes up 16 per cent of the total GFA, while the 1440 residential units and 618 serviced apartments make up 40 per cent. The commercial section of Dubai Pearl which is 1380 office units is 33 per cent of the total GFA, while retail is 8 per cent and leisure 3 per cent.

Originally slated for completion in 2007, the Dubai Pearl was delayed when the original developer ran out of funds. After no construction for almost a year, a new developer was chosen and the project which is in three phases will have its first handovers commencing in December 2011. All the phases are scheduled to be complete in 2013.

Commercial sector

The Dubai Pearl is expected to hold approximately 9,000 residents with its commercial sector employing approximately 12,000 employees.

Units have been sold to almost 40 nationalities with over 90 per cent of the released property sold, the equivalent of 60 per cent of the project's sellable area as of last May.

The Dubai Pearl will incorporate sustainable development features and is aiming for Golf LEED certification,

Al Fahim believes the financial climate in many ways has worked well for the Dubai Property sector. "If we examine the real estate sector, which contributes to around a third of our economy, we notice that positive trends were born [from the economic climate].

"Many speculators are now out of the market and have given way to serious end buyers, investors and customers are more discerning and sophisticated in their choices, which has led to improved resolutions in the real estate market.

"Many real estate companies are more flexible in their offerings, companies are offering easier payment plans, thus retaining their serious buyers, most developers now resort to serious contemplation and careful research before undertaking massive projects."

Type- Mixed use

Location- Dubai Technology and Media Free Zone

Estimated development value- $4 billion

Total land mass- 20 million square foot

http://gulfnews.com/business/property/dubai-pearl-completion-set-for-2013-1.551888
 
#142 ·
"Dubai : Dubai Pearl, a 1.85 million-square-metre mixed-use luxury development implemented by Pearl Dubai F Z LLC, is set to be complete by 2013."

Holy cow! That's almost double the floor space of the entire World Trade Center complex! (which I believe is around 10 million sq. feet)
 
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