Lootah Real Estate Signs a Joint Venture With Dubai South to Develop Residential Units

Real Estate

Lootah Real Estate Signs a Joint Venture With Dubai South to Develop Residential Units

During a signing ceremony today, Lootah Property Growth, among the region's prominent modern property designers, announced their joint venture with Dubai South.

Based on the signed agreement, Lootah Real Estate will additionally create 1,150,548 square feet household project within the Residential District, providing world-class community living within an urban setting. To meet client needs and fit market adjustments, the household project will certainly be delivered within phases.

A memorandum of understanding was signed with an aim to set up a 50:50 joint endeavor between the two organisations to further build the new residential project. Hosted at the Dubai South headquarters, the signing ceremony saw the existence of HE Khalifa Al Zaffin, executive chairman of Dubai Aeronautics City Company and Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development.

Saleh Abdullah Lootah, Executive Director of Lootah Property Growth stated: "Based upon the strong development potential and investor confidence, Lootah Realty has actually agreed to partner with Dubai South. Also, the fact that Dubai South will certainly house a few of the much awaited project like the Expo 2020, Al Maktoum Airport, as well as the complimentary zones and Business Park of Dubai South, we are very eager to assist and establish this project with the highest quality. Winning such a project refers pride, and we are happy to be part of this metropolitan project which will certainly even more add to Dubai's unique offerings."

Translating the brand name USP within the upcoming project, Lootah Property intends to supply innovative developments and systems without missing on price. Saleh Abdullah Lootah, further included, "Our group has always functioned to the vision that our leaders hold for this city, and being awarded with this contract is a testimony to our success of accomplishing the former said.

The Residential Area will flaunt around 10,000 household systems between villas, townhouses and apartments by 2020 - Real Estate an estimated 35,000 residents. Joining the Expo 2020 site, the Logistics District and a personnel village, Dubai South's Residential Area includes institutions, nurseries, hospitals, retail electrical outlets, F&B choices, a post office, swimming academy and a sporting activities centre.

HE Khalifa Al Zaffin, executive chairman of Dubai Air travel City Corporation: " Dubai. South is a city made largely on the joy and wellness of its individuals;
And today, as we enter our following phase of development led by our talents, it is essential that nationwide business such as Dubai South and Lootah Real Estate work jointly to introduce jobs that are very important to enhance Dubai's future advancement".

" As the city even more underlines its credentials as a global center by welcoming professionals and business owners from around the world, and led by Dubai Plan 2021 and to make sure that inevitably our nation takes its place on the world phase as the happiest place to be, it is very important to continuously build our first-rate infrastructure to fulfill future demands. The project will certainly establish new standards in city development, with its focus on creating a self-sustained city destination to encourage businesses, households and individuals to expand and flourish".

Dubai South is the plan of attack city formerly known as Dubai World Central that includes the brand-new Al Maktoum International Airport terminal and Dubai's Exposition 2020 site, which will certainly end up being an exhibit district when the occasion wraps up.

Even more information about Lootah Real Estate Development could be found at www.lootahdev.com.