The largest in the region residential, entertainment and hospitality project Falconcity of Wonders launched in Dubai in 2005 is going to gain new life due to a major financial injection of US$ 2 billion of investments.
Initially it was planned that the project will include residential, commercial, retail and hospitality property units, along with modern ‘world wonders’ copies, i.e. replicas of the most famous world’s attractions, such as India’s Taj Mahal, Egyptian Pyramids, the Leaning Tower of Pisa and the Eiffel Tower. However, to date, only 10% of the 5,500 residential units due to be constructed here are completed. The residential part of the complex includes 580 ready villas, which are already home to more than 2,000 people. But it is planned to increase the population of this "city" to 75,000 inhabitants by 2021.
Ahmad Salem Al-Moosa, the head of the family-owned conglomerate that is spearheading the development, said that the delay was related to subcontractors’ failure to meet their obligations for construction of the world's wonders replicas. This delayed the implementation of other project stages, including residential and retail real estate construction.
But now, due to changes in Dubai’s regulatory policy at the housing market, the general developer managed to regain full control over the project. New investors willing to invest US $ 2 billion were invited to take part in this 42 million square feet unique mixed-use project. Thus, due to these new financial injections Falconcity of Wonders will be completed as per schedule before 2020, Al-Moosa said.
In addition to abovementioned wonders’ replicas, the project will have Venice in miniature, as well as New York’s Central Park and most recognizable central areas of many European and world capitals.