Dubai’s IMG awards construction contract for City of Arabia project

Dubai-based Ilyas & Mustafa Galadari Real Estate group announced that it has awarded a construction contract to the McFadden International Construction Group for its Avenue 353 project.

The value of the deal was not disclosed.

The project, located within a gated community in the City of Arabia development, was launched in March 2015 and features high-end four-storey villas.

Each villa includes a functional basement level that comes with a maid’s room, laundry, store and additional space for a cinema room and gym or auxiliary kitchen. A mezzanine floor houses a private guestroom.

The villas also come with underground parking, private elevators and open-terraced rooftop gardens.

Residents will also have access to cycling tracks, athletic courts, a children’s play area and an outdoor retail strip comprising supermarkets, fashion, cafés, restaurants and clinics.

The freehold property is located 500 meters from upcoming development IMG Worlds of Adventure, a 1.5 million sq ft theme park complex that will feature four zones – Marvel, Cartoon Network, Lost Valley and IMG Boulevard. It is slated to open later this year.

The overall City of Arabia development will also feature Mall of Arabia – which will include over 1,000 retail outlets, Wadi Walk – a waterfront community with apartments, outdoor cafes and retail outlets and Elite Towers – a group of commercial and residential buildings.

With a total of 8,200 residential components, City of Arabia is slated to house 32,800 people on completion.

Dubai’s real estate market has seen increasing activity in recent months despite a slowdown in residential property prices.

Over 12,600 new units are expected to come to the market by the end of 2016 and a further 15,800 completions are scheduled between 2017 and 2018, property consultant Cluttons said in a recent report.

However, the risk of an oversupply appears to be minimal, considering the anticipated population growth of close to 400,000 over this period, the report added.