Tuesday, 6 October 2009
Development plans for Dubai’s Meydan City, the mega-project surrounding the new racecourse, may be reassessed due to market conditions, the developer said on Monday.
While the AED10bn ($2.72bn) Meydan Racecourse would be completed in time for the Dubai World cup horse racing event in March 2010 the developer said, it may ‘reassess’ its plans for the surrounding 15m sq ft area, consisting of residential, retail and commercial space.
“After Cityscape and after [the building] of the grandstand we will see where we stand. We will see what the market needs and we will reassess our plans, said Mohammed Al Hathboor, project development manager of Meydan Group.
“If any changes are required with the development we will study it accordingly,” he added about the 15m sq ft Meydan City, due for completion in stages over the next six to ten years.
Meydan City will feature four sub districts spread over a vast area that will include business parts, waterfront residential developments and the Godolphin Tower, in the shape of a racehorse.
The Meydan Racecourse and Grandstand will form the centrepiece of Meydan City.
So far, the Meydan Group, the master developer of the entire project, has sold 145 plots of land to smaller real estate companies. It has not sold any residential units to investors.
Al Hathboor added that the plots it has sold to sub developers would not downsized even if Meydan did scale back parts of Meydan City.
Despite sacking their main contractors - WCT of Malaysia and UAE-based Arabtec - in January, which involved the cancellation of a AED4.77bn contract, Al Hathboor insisted the racecourse would be ready for the Dubai World Cup in six months.
All equine facilities would be ready for the first race at the course on January 28, he said.