Leading investments conglomerate, Dubai Investments, has signed an agreement to manage and market the residential project, ‘The Palisades’, within Dubai Investments Park (DIP), the company announced in a statement.

The project spans over an area of approximately 1.86 million square meters, and includes 20 buildings with 1,450 apartments, 36 townhouses and 8 luxury villas.

Dubai Investments has formed a new entity Palisades Development Company LLC, authorized with leasing, buying and selling of land in the project to prospective investors. The project’s infrastructure will be built at a cost of AED 600 million ($ 163 million).

“Dubai Investments is looking forward to managing the sales and leasing of land within The Palisades through the Palisades Development Company LLC. The company plans to position the project as a new genre in urban living and it will be a major value-addition to DIP. The Palisades is expected to attract a lot of investors’ interest considering the surge in demand for land and residential projects within DIP in view of its proximity to the Expo 2020 site and Dubai South,” Managing Director and CEO of Dubai Investments, Khalid Bin Kalban said.

Dubai Investments has a remarkable track record of managing and marketing real estate developments such as DIP, and also residential projects for its real estate arm Dubai Investments Real Estate Company (DIRC).