The progress of the held up project Dubai Lagoon which will be divided into seven phases is about to be supervised by Dubai Land Department.
Dubai Lagoon, which covers seven regions across a 5.7mn ft2 site, was among those real estate projects in Dubai which suffered from financial support issues brought about by the downfall of the Emirate’s property market in 2008. The project, which was intended to become the emirate’s first crystalline lagoon, was slowed down after it fell short of investment because of non-payment.
The company who owns the project announced that it had generated AED339mn ($92.2mn) and each of the phases of project will have its own trust account, budget and finance to ensure the completion of the halted plan and the Dubai Land Department will monitor its development. Once the project is completely divided and its corresponding trust accounts are finalized, a site visit will be held and a technical report will be made presenting the movement of each phase and the time allocated for construction and delivery.
Last month, the project developer stated that it had inked a deal with a local real estate development company to complete the project and tied up with its chosen contracting company which had been had awarded with AED678 million worth of construction agreement.
According to the contracting company, the construction works for the project is expected to be completed by the end of year 2016 with the ongoing mobilization works on site.