News & Media

Meydan announces land sales of South Extension plots to G & Co.

19. April 2010

Land targeted for development of luxury gated community

Dubai, UAE, 19 April 2010 – Meydan today announced the sale of plots in Meydan’s South Extension to G & Co. The land plots are targeted for the development of a new luxury gated community consisting of townhouses and villas.

Valued at a total of AED 370 million, the land area of the Meydan South Extension gated community will accommodate approximately 200 villas, with plots ranging in size between 9,000 to 21,000 square feet. Other facilities include a town hall, swimming pool and resident's clubhouse, lake, children's playground and park. The development is expected to be completed in late 2015.

The design of the villas were developed as a result of extensive research to ensure that the demands of the end users will be met. Featuring bright, open spaces with double height ceilings and the extensive use of large glass panels, the villas were conceptualised with modern design elements allowing a seamless flow between living spaces. These exclusive villas will feature only premium materials and finishings, and it will also include extensive home automation and technology features to enhance the living experience of home owners. It is expected to be a benchmark-setting development unlike any other in Dubai, with a strong focus on build quality, aesthetics and deliver on both form and functionality.

Mr. Saeed Humaid Al Tayer, Chairman of the Board and CEO of Meydan, said: “We are very pleased with the sale of the Meydan Southern Extension plots to G & Co. Mr Joseph Ghossoub, Chairman of G & Co. is not only a well-known business leader, but is also noted for his global strategic investments, and we are glad to welcome him as a key investor. Meydan continues to be positioned as an excellent investment vehicle, not only because of our strong fundamentals, but also due to the calibre of the investors we continue to attract. The sale of these plots are very much aligned with the renewed interest in the investment market here in Dubai.”

Mr. Joseph Ghossoub, Chairman of G & Co. said: “G & Co. believes that Dubai is and will remain the market of choice for investors from around the world as Meydan is the premier address in Dubai. We are bullish about the prospects of this investment as we have carefully studied the property market and believe that investing in Meydan offers not just the strength of partnership, but will also prove to be a viable investment for the long term.”

Mr. Ghossoub added: ”Meydan's strategic location, its proximity to the heart of Dubai as well as its sound overall urban master plan for Meydan City were the key pulling factors for us to invest here. Dubai has a myriad of opportunities for both business and lifestyle, and we believe it will continue to be a draw for new investors and residents who wish to be at the gateway of Asia and Europe."

The by-invitation-only soft launch will be held in November 2010, with an official launch to the general public shortly thereafter.

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