57% of the infrastructure at the site, which promises to become one of the Dubai’s main attractions, Dubai Parks and Resorts complex, has been completed, and leasing premises in the Riverland retail and dining zone has already begun.
Despite the overall decline of many processes in the Dubai real estate market in 2015, key projects designed to change the face of the city in the future keep coming to life according to the general plan. Dubai Parks and Resorts is one of such projects, the very name of which suggests that under its roof not just one but several theme parks and recreation areas will be united, including also commercial, retail pavilions, restaurants and cafes.
Currently 80% procurement completed at the site, while the project has to be handed over in October 2016. All the necessary infrastructure is ready by 57%, and the ride engineering and manufacturing is completed by 52%. 7% of all commercial property in the Riverland complex within Dubai Parks and Resorts is already leased.
As of the second quarter end, about US $ 1 billion was spent for the construction of the whole complex. In addition, two important contracts for the further works were signed in the second quarter, as well as a memorandum of understanding with the tour operator dnata, which will be the exclusive representative of Dubai Parks and Resorts in the world of tourism.
As noted by the project management, the neighborhood around this complex will get a significant impetus for the further increase in the cost of real estate, which is to be built in the future near Sheikh Zayed Road next to the park.