Dubai’s MotorCity to get Paris’ Champs-Élysées Union Properties to spend Dh10bn in six new projects By Parag Deulgaonkar Published Thursday, October 10, 2013 Dubai’s Union Properties is planning to replicate the model of Shanzelize Street in Paris (Champs Elysées in French) in its MotorCity master development, Emirates 24/7 can reveal. “We have plans to build a similar project like the Champs Elysées Street in our MotorCity project. The street will have cafes, retail, residential with a waterfront view… we will be working on it in coming years,” said Ahmad Khalaf Obaid Bin Touq Al Marri, General Manager, Union Properties. The Champs-Élysées Street in Paris, which houses cinemas, cafés and luxury specialty shops, is among the most expensive strips of real estate in the world. The Dubai-bourse listed company is planning to invest over Dh10 billion in building six new projects. Union Properties will start implementation of three projects in the next few months with phase one and two of the Green Community in Motor City. In addition, it will start work on The Ribbon, a retail development which will contain a wide variety of shops of international brands and a string of restaurants and recreational facilities. “We have already got three investors who want to buy the whole of the new Green Community project, but we have rejected their offer. We plan to build them first and sell them at them at good prices,” Al Marri said. The developer plans to start selling townhouses from Dh1,200 per square feet. Phase One will have 78 townhouses and Phase Two will have a mix of 135 townhouses and apartments. -Theme park Talking about the theme park, Al Marri said that they will not be using the F1 themepark concept, but have changed it to incude educational and thrill rides. “There will be an educational zone with rides, residential and retail. We have shared our plans with Dubai Municipality and have their approval.” Al Marri revealed the company was planning to complete all their six projects by end of 2016. -- Source: emirates247/dubai-s-motorcity-to-get-paris-champs-elysees-2013-10-10-1.524097
Posted on: Thu, 10 Oct 2013 11:39:23 +0000
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