Dubai

Another Dubai Project from 2005 – Lifestyle City – Gets a New Buyer

Dubai: As one of the legacy projects that Dubai implemented in the year 2005, this building is receiving another round of facelift.

The ‘Dubai Lifestyle City,’ that was introduced by ETA earlier than has been sold 68 plots for Dh175. 6 million. This area is in Dubailand and in the recent past there has been a lot of development and infrastructure works to support the sort of development the new buyer of Lifestyle City plans to undertake.

However, what was very surprising was that there was not even any competition in the bidding process as there was only one entity that offered to take on the project. Lifestyle City had previously been listed twice, and its previous listing has failed to draw the interest of any bidders. Originally announced in mid-2000s, it was initially developed with a view to become an upper-tier housing project that was planned to be created by a private player. This position could be attributed to the fact that at that time, the freehold sub-market was mainly occupied by Emaar and Nakheel while other private developers were much interested in the tower projects.

Falcon City Sales

The sale of Lifestyle City displays the second divestment on a project that started during the boom period. Earlier the Falcon City development observed that 794 plot has been sold for Dh1. 2000 after the company had floated at Dh2. 5 billion. This development is also sited in Dubailand.

In the contemporary and modernizing society of Dubai specifically in the real estate sector, old projects are being brought anew. Major conversions and reacquisitions are forecast, though, it may make major sense for the new acquirers. Such troubled assets are especially disposed through sales by auctions so that the sellers can off their debts hence the happy sides.

“Many of these projects had to be auctioned because of previous problems and creditors’ claims,” Fadi Massouh, the CEO of Ai Real Estate, an advisory firm stated, and added that, investors will be wise to do so to acquire large land banks free of any liabilities.

It is the third project out of several launched between 2005 and 2008 to be released for auction. The source of Dubai crisis was also identified with the penthouse of ‘Pentominium’ skyscraper site in Dubai Marina that was bought for $100 million and is being developed into a Six Senses by Select Group branded project.

Dubai News Staff

Recent Posts

Dubai Unveils $1 Million AI Film Award and Dh50 Million Initiative for Content Creators

Dubai has announced two groundbreaking initiatives to boost global creativity and strengthen its position as…

3 days ago

Dubai Fountain Nears Reopening After Major Makeover with Advanced Tech

The Dubai Fountain is one of the most emblematic tourist sites in Dubai, and will…

7 days ago

OpenAI to Open First India Office in New Delhi as AI Adoption Accelerates

OpenAI has also announced to open its first office in India, where it will establish…

1 week ago

Bitcoin MENA 2025: Abu Dhabi to Host Michael Saylor and Global Crypto Leaders

Abu Dhabi is preparing to host one of the most awaited crypto events of the…

2 weeks ago

AI Humanoid ‘Robert the Robot’ Wows Los Angeles with Money-Making Skills

Los Angeles witnessed a futuristic spectacle this week as Robert the Robot, an AI-powered humanoid…

2 weeks ago

Kim Kardashian to Open First Skims Boutique in Dubai’s Mall of the Emirates

American reality TV star and entrepreneur Kim Kardashian is bringing her fashion brand Skims to…

2 weeks ago