Tanmiyat is planning to complete projects in Dubai that had been put on hold after the collapse of the real estate market.
The developer plans to spend 600 million dirhams to complete a Dubailand project of 15 million square feet. The project is to include 12 residential buildings, 500 villas, a golf course, mall and schools.
The CEO of Tanmiyat, Muhammad Bin Odah, said they believe in Dubai even though the market has been difficult. He said it was the only area in the Middle East where different nationalities are happy to call it home.
This particular project, Living Legends, was one of many projects that had to be put on hold after the property bubble exploded, almost resulting in the insolvency of Dubai.
The prices to buyers have been reduced by 10% to 40% as a goodwill token for the delay, and the first 150 villas are due to be completed during the second quarter.
The CEO has announced that Carrefour SA, the supermarket chain from France, has signed as an anchor tenant in the mall that is due to open during 2017.
Aside from this project, the developers are set to spend around 200 million dirhams to complete two office towers, The Court and The Exchange Tower, in the Business Bay region.