Talks on to relaunch Mirdiff Hills DIRC in early talks with Abu Dhabi firm for joint venture
Tuesday May 17 2011
Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, is in early talks with an Abu Dhabi-based company to relaunch its Dh2-billion Mirdiff Hills project, company General Manager told Emirates 24|7.
“We are in early talks with a company from Abu Dhabi to restart the project. The various options we have is to enter a joint venture, self- finance or approach financial institutions for funding the project. We are still waiting for the right time to launch the project,” Obaid Mohammed Al Salami, General Manager, DIRC said.
The project, which is registered with the Dubai Land Department, is the only freehold development in Mirdiff. The mixed-use development, comprises 680 apartments, 380 offices and 129 retail outlets. It was launched in July last year with completion scheduled for 2010.
In July 2009, Khaled Kalban, Managing Director and CEO, Dubai Investments, had told this website that the Mirdiff Hills project was on hold and investors were being refunded in full.
Al Salami said the company will begin handover of 2,025 units in Ritaj project by next week. The project was launched in October 2006 and
consists of 2,200 residential units including studios, one, two and three bedroom apartments.
“We have sold 50 per cent of the project while we plan to lease the remaining 50 per cent.”
In April last year, this website reported that DIRC and Ajman-based Aqaar Properties had liquidated their joint venture formed to build the multi-billion-dirham Ajman Oasis project. The companies had cited the project as not being feasible under current market conditions.