Dubai: Dubai Investments Real Estate Company [DIRC], a subsidiary of Dubai Investments PJSC [DFM: DIC], has announced the completion of preparation work including excavation and shoring works for the first phase of its AED 3 billion Mirdif Hills project, currently under construction in the Mirdif area of Dubai.
The first phase of Mirdif Hills – the only freehold in Mirdif now – includes 1,054 apartments in its three components, Janayen Avenue, Nasayem Avenue and Al Multaqa Avenue. Foundation works for Janayen and Nasayem Avenues are nearly 75% complete as of May 2017 and ground floor slabs are under way. The mixed-use project is expected to be fully completed by end of 2018.
The project offers a mix of residential, commercial and retail attractions spread across an area of 3.9 million square feet. These include studio, one, two, three-bedrooms & duplex apartments; a four-star hotel with 116 rooms, 128 serviced apartments & a 230-bed hospital. The main project contractor is Engineering Contracting Company [ECC].
Obaid Mohammed Al Salami, General Manager of DIRC, said: “Mirdif Hills is a unique mixed-use development and Dubai Investments Real Estate Company is confident that it will be able to fulfill its commitment to deliver the project on time while meeting the highest quality standards. Once complete, the project will offer residents as well as visitors a distinctive mix of retail attractions and luxurious living experience.”
He added: “The demand for Mirdif Hills has been very encouraging – with end-users showing a lot of interest. With its strategic advantages of location and amenities, Mirdif Hills is an exceptional project catering to the needs and demands of the market.”
DIRC, which has unveiled sales of the first component – Janayen Avenue, has on offer flexible payment plans for investors. These include 30% payment during the construction phase, and the balance 70% on handover, making the process easier for buyers with extended payment terms. As per the plan, a 10 per cent down payment is to be made on booking, followed by 5% on signing the sale and purchase agreement within the next 60 days, 5% within six months of the booking date, 5% within a year of booking, and 5% within 18 months of the booking date. The balance 70% payment can be made on handover.
DIRC will launch the sales of Nasayem Avenue shortly. The Nasayem Avenue contains a mix of residential buildings, providing units ranging from 2 and 3 bedroom apartments to 3 and 4 bedroom duplexes.
One of the unique facets of Mirdif Hills is its Vertical Villas concept, which is gaining international popularity. Inspired by French architect Le Corbusier, the Vertical Villas series – being built in the Janayen Avenue, comprises many villas, built in one single building and rising up vertically giving it a sustainable and environmentally friendly appearance.
About Dubai Investments Real Estate Company:
Dubai Investments Real Estate Company, the real estate arm of Dubai Investments PJSC, was established in 2006 to offer a diverse range of high-quality projects across a range of real estate sectors. The company is involved in developing real estate for residential and commercial purposes as well as warehouses and labour accommodation.