Saudi Tanmiyat Group announced the handover of the first phase of its Living Legends project, including 184 villas and one tower block in Dubailand, after a six-year delay, The National reported.
The project spans 1.4 million square meters, comprising 500 villas and 12 residential towers, and had been connected to Dubai’s electricity and water grid.
Tanmiyat launched the mega project in the Al Barari area of Dubai in 2006, and was expected to be completed between 2008 – 2010. However, due to the financial crisis, the project was stopped, then resumed in 2012.
The project will also include a nine-hole golf course, schools, clinics, a shopping mall and a five-star hotel.
“The journey to this point has come with many challenges as we and the rest of the real estate industry faced the property crash and its aftermath,” said Chief Executive of Tanmiyat, Mohammed Bin Odah. “Tanmiyat is delighted to receive confirmation from Dewa that phase one of Living Legends is fully powered up and ready for investors to receive the keys to their dream homes,”
Around 88% of the had been sold, while a second phase had been scheduled for handover in the last quarter of 2016, he said.
The overall construction of the AED 7 billion project will be finished by the end of 2017, Gulf Business reported.
Tanmiyat Group is a Dubai-based real estate development company which was established less than 3 decades ago. The developer is known for completing prominent projects such as The Exchange Tower and The Court Tower.