{"id":24899,"date":"2016-09-05T00:05:26","date_gmt":"2016-09-04T17:05:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=24899"},"modified":"2016-09-04T22:24:02","modified_gmt":"2016-09-04T15:24:02","slug":"jumeirah-central-executive-overwhelmed-by-interest","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jumeirah-central-executive-overwhelmed-by-interest\/","title":{"rendered":"Jumeirah Central executive 'overwhelmed' by interest"},"content":{"rendered":"


\nThe man charged with delivering the Dh73.4 billion Jumeirah Central project has said he is confident it will attract investors because it is “the greatest piece of real estate in the region”.Morgan Parker, the chief operating officer of the Jumeirah Central project, said it has held “hundreds” of meetings with potential investors from Dubai, the GCC and from international markets, while consultation on the site’s development has taken place.”I have been quite overwhelmed by the interest in the project, and I think it comes back to the fact that it’s just a great piece of real estate,” he said.The site was initially intended be the home of the world’s largest mall, Mall of the World, but last week Dubai Holding said this project would instead be built on Sheikh Mohammed bin Zayed Road. However, a new master plan created by Dubai Holding in conjunction with Hollywood-based architects 5+ Design has instead created a much more diverse range of buildings. The 47 million square feet site aims to have 278 different buildings and will house about 11,000 new homes, 7,200 hotel rooms, 7.5 million sq ft of office space, three malls and 40 new entertainment attractions, including a central square with a “Dubai Live” entertainment district featuring an exhibition hall, two theatres and two new cultural buildings. A new central station will anchor the north-eastern corner of the site, which will link to the Dubai Metro’s Mall of the Emirates station and contain a terminus for the extended Dubai tram. Cable cars described as “aerial gondolas” will run close to the four corners of the site and will also extend to the nearby Madinat Jumeirah complex.Mr Parker said there were currently “no mixed-use projects in Dubai”. “This is the first truly urban mixed-use project,” he said. The first phase, which will cost Dh24bn to build, and will focus on the south-eastern corner of the site, next to the Sharaf DG Metro station footbridge. It covers 69 projects and 17 million sq ft of gross floor area, or about 36 per cent of the total building stock. This will include the central square and the entertainment district, where building frontages can be used for displays to create what Dubai Holding has described as the “world’s largest outdoor art gallery”.”The idea is to create 365 day-a-year attractions in this location. We imagine it’s the type of square where you will spend New Year’s Eve. Think of it as like Dubai’s Times Square,” Mr Parker said.Site clearance work is already under way and infrastructure packages worth about Dh1.1bn should be brought to the market soon. Following this, the first building that is likely to develop will be a grade A, 43-storey office tower in addition to one of the project’s three malls and some residential buildings. It is envisaged that the first buildings will be completed in either 2020 or 2021, but Mr Parker declined to give a completion date either for the first phase or any subsequent phases.”We don’t think like that,” he said. “It never ends. You keep reinventing, you keep going, buildings keep coming up, ideas keep coming up. It’s not like a housing estate in the desert. It’s a city, it’s dynamic, it’s an organism … it keeps growing depending on how the market grows.”Dubai Holding intends to develop most of the project through joint ventures with local and international investors. Mr Parker said that at present the flow of property investment from the Middle East is generally outwards to other parts of the world, but that its aim is to “create a product to encourage people to invest in this city to enable us to grow”.He is also confident of securing institutional investment from overseas.”Our intention is to develop the majority of Jumeirah Central in a series of joint ventures,” he said.”We think there is an opportunity to bring capital that has not yet participated in the market, if we can create the right structures to attract them. “The type of buildings, the types of occupiers we are trying to attract, will likely be of interest to a top tier of global investors.”When asked whether it would seek to raise bonds or other forms of financing for the project, Khalfan Belhoul, the vice president of strategy for Dubai Holding, said: “We’re open to discussion as far as funding this project in every way, at the moment. We’ve discussed different kinds of opportunities but we haven’t finalised what approach we are going to take.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Jumeirah Central executive ‘overwhelmed’ by interest<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The man charged with delivering the Dh73.4 billion Jumeirah Central project has said he is...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-24899","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6tB","jetpack-related-posts":[{"id":44844,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jumeirah-central-to-be-showcased-in-cannes\/","url_meta":{"origin":24899,"position":0},"title":"Jumeirah Central to be showcased in Cannes","date":"February 21, 2017","format":false,"excerpt":"\r Dubai Holding is to present the first seven projects to be brought forward at its Dh73.5 billion Jumeirah Central project at its international launch event at the Mipim global real estate conference in Cannes next month.Morgan Parker, the chief operating officer of Jumeirah Central, tells The National that it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24883,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-phase-of-jumeirah-central-project-in-dubai-to-cost-dh24-billion\/","url_meta":{"origin":24899,"position":1},"title":"First phase of Jumeirah Central project in Dubai to cost Dh24 billion","date":"September 4, 2016","format":false,"excerpt":"\r The new Jumeirah Central project will cost Dh73.4 billion to build, with the proposed first phase set at Dh24bn.The project is based on the former site of the Mall of the World project and is set to contain a total of 278 projects in total. Although developer Dubai Holding\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":144837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-real-estate-palm-jumeirah-top-destination-for-properties-sold-for-more-than-10m\/","url_meta":{"origin":24899,"position":2},"title":"Dubai real estate: Palm Jumeirah top destination for properties sold for more than $10m","date":"May 29, 2024","format":false,"excerpt":"\r Garden home luxury villas in Palm Jumeirah catch the eye of prime Dubai real estate investors\r \r Source : arabianbusiness.com\r Read more...Dubai real estate: Palm Jumeirah top destination for properties sold for more than m","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/05\/dubai-palm-jumeirah-villa-real-estate-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":160123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/from-palm-jumeirah-to-business-bay-5-standout-projects-shaping-117bn-dubai-real-estate-boom\/","url_meta":{"origin":24899,"position":3},"title":"From Palm Jumeirah to Business Bay: 5 standout projects shaping $117bn Dubai real estate boom","date":"August 28, 2025","format":false,"excerpt":"\r Dubai property market surges 25 per cent to $117.3bn as investors target five mega projects offering lifestyle and long-term value\r \r Source : arabianbusiness.com\r Read more...From Palm Jumeirah to Business Bay: 5 standout projects shaping 7bn Dubai real estate boom","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/08\/five-Dubai-real-estate-projects-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":78333,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jumeirah-village-circle-tops-dubai-rental-yields\/","url_meta":{"origin":24899,"position":4},"title":"Jumeirah Village Circle tops Dubai rental yields","date":"January 29, 2018","format":false,"excerpt":"\r Good news for real estate investors as UAE rental yields hold up despite softening market\r \r Source : arabianbusiness.com\r Read more...Jumeirah Village Circle tops Dubai rental yields","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45566,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-gergawi-to-leave-dubai-holding-post\/","url_meta":{"origin":24899,"position":5},"title":"Al Gergawi to leave Dubai Holding post","date":"February 26, 2017","format":false,"excerpt":"\r Mohammad Al Gergawi is to step down as the chairman of Dubai Holding after 18 years at the helm of the conglomerate that owns hospitality business Jumeirah Group and Tecom business parks. The replacement for Mr Al Gergawi, who had held his position since the investment group was founded,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24899"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=24899"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24899\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}