{"id":4132,"date":"2016-02-09T19:01:28","date_gmt":"2016-02-09T12:01:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=4132"},"modified":"2016-02-09T16:26:02","modified_gmt":"2016-02-09T09:26:02","slug":"dubais-delayed-falconcity-of-wonders-to-get-2-billion-kickstart","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-delayed-falconcity-of-wonders-to-get-2-billion-kickstart\/","title":{"rendered":"Dubai's delayed Falconcity of Wonders to get $2 billion kickstart"},"content":{"rendered":"


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\nThe main developer of one of Dubai’s most outlandish real estate projects, the Falconcity of Wonders, says the long-delayed project will gain new life this year with around US$2 billion in new developments.The falcon-shaped project has seen only about a tenth of the 5,500 planned homes built since its launch in 2005 and although billed to include outsized replicas of The Pyramids and the Taj Mahal, there are as yet no “wonders” on the 42-million square foot plot.
\nSalem Ahmad Al Moosa Enterprises, the family-owned conglomerate that is spearheading the development, says the project’s troubles have been caused by sub-developers in charge of attractions such as replicas of the Leaning Tower of Pisa, the Eiffel Tower and recreations of downtown areas of the likes of London and New York.”When we sold these we made it very clear, they had to start construction immediately and they kept on delaying,” Alharith Bin Salem Al Moosa, vice-chairman of Falconcity of Wonders said at a property exhibition in Hong Kong this month where he was publicising the project.
\n“Deadline was before yesterday, a long time ago. It’s an expensive agreement, there are damages to us if they don’t,” he said.Mr Al Moosa said Falcon City has since retaken control of more than 10 of these sub-developments which include a mix of residential units, retail, offices and hotels.The company achieved this via Dubai’s real estate regulations, arbitration or amicable agreement, he said but declined to provide further details or identify the sub-developers, citing confidentiality agreements.
\nMr Al Moosa said the overall project could still be completed by 2020 and that his company was in talks with new investors but declined to provide more details on how the $2bn in new developments would be funded.Gaining new investment could be a tough sell, with Dubai property prices again in decline and transaction numbers also down following a sharp rebound from the crash of 2008-10.”Sometimes the agreement moves forward, sometimes agreement rolled back, this is normal business procedure. Not every day is a happy day,” said Mr Al Moosa, adding that Dubai’s hosting of the Expo 2020 exhibition will buoy its property sector.
\n“Whenever anyone says Dubai’s market has an over-supply of residential (property), they have to think twice. We have to start contracts now to meet future demand,” Mr Al Moosa added.Salem Ahmad Al Moosa Enterprises was founded in 1975. The conglomerate has interests in engineering, real estate and oil services.business@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai’s delayed Falconcity of Wonders to get billion kickstart<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The main developer of one of Dubai’s most outlandish real estate projects, the Falconcity...<\/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-4132","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\/p75ss1-14E","jetpack-related-posts":[{"id":4130,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-delayed-falconcity-of-wonders-to-get-2-billion-kick-start\/","url_meta":{"origin":4132,"position":0},"title":"Dubai's delayed Falconcity of Wonders to get $2 billion kick start","date":"February 9, 2016","format":false,"excerpt":"\r \r The main developer of one of Dubai's most outlandish real estate projects, the Falconcity of Wonders, says the long-delayed project will gain new life this year with around US$2 billion in new developments.The falcon-shaped project has seen only about a tenth of the 5,500 planned homes built since\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4142,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-ailing-falcon-city-of-wonders-to-get-2bn-kick-start\/","url_meta":{"origin":4132,"position":1},"title":"Dubai's ailing Falcon City of Wonders to get $2bn kick-start","date":"February 9, 2016","format":false,"excerpt":"\r Salem Ahmad Almoosa Enterprises said the overall project could still be completed by 2020\r \r Source : arabianbusiness.com\r Read more...Dubai's ailing Falcon City of Wonders to get bn kick-start","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17014,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-phase-of-dubais-delayed-living-legends-project-handed-over\/","url_meta":{"origin":4132,"position":2},"title":"First phase of Dubai's delayed Living Legends project handed over","date":"June 19, 2016","format":false,"excerpt":"\r Tanmiyat Group has said that it has handed over keys to 184 villas and one tower block at its delayed Living Legends project in Dubailand six years later than originally planned.The Saudi Arabian property developer announced today that it had handed over the first phase of the 15 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48210,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/work-set-to-start-on-dubais-meydan-one-mall\/","url_meta":{"origin":4132,"position":3},"title":"Work set to start on Dubai's Meydan One mall","date":"March 16, 2017","format":false,"excerpt":"\r A groundbreaking ceremony was held at the 40.4 million-square-foot Meydan One site on Wednesday evening to mark construction of the project's retail mall situated between the existing Meydan racecourse site and Al Khail Road.The new mall will contain about 620 shops, including a pair of department stores and a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11758,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-properties-first-quarter-profit-up-17-to-dh1-21-billion\/","url_meta":{"origin":4132,"position":4},"title":"Emaar Properties first-quarter profit up 17% to Dh1.21 billion","date":"May 1, 2016","format":false,"excerpt":"\r Dubai's Emaar Properties, builder of the world's tallest tower, reported a 17 per cent rise in first-quarter net profit on Sunday.The developer, in which Dubai's government owns a minority stake, made a net profit of Dh1.21 billion in the three months to March 31, it said in a statement.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":165694,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/omniyat-launches-vela-viento-tower-in-dubais-marasi-bay-as-luxury-market-gains-momentum\/","url_meta":{"origin":4132,"position":5},"title":"OMNIYAT launches VELA Viento tower in Dubai\u2019s Marasi Bay as luxury market gains momentum","date":"November 24, 2025","format":false,"excerpt":"\r Developer expands its flagship waterfront district with a new Foster + Partners-designed project following strong sales across earlier launches The post OMNIYAT launches VELA Viento tower in Dubai\u2019s Marasi Bay as luxury market gains momentum appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance,\u2026","rel":"","context":"In "Property 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