Dubai Investments PJSC (DIC) has signed on to manage a 20-million-square-foot residential project.
An agreement signed by DIC says the group will manage and market The Palisades project that is to be built with the Dubai Investments Park (DIP).
DIC, known as the leading diversified investments conglomerate, originated Palisades Development Company LLC. This newly formed entity will be tasked with leasing, buying and selling the land within the project to prospective investors.
The Palisades will be an expansive residential community built of 20 buildings that host 1,450 apartments, 36 townhouses and eight luxury villas. The entire project will be built in phases at a cost of AED 600 million. Groundbreaking on the project has occurred; phase one is now underway.
“Dubai Investments is looking forward to manage the sales and leasing of land within The Palisades through the Palisades Development Company LLC,” Khalid Bin Kalban, managing director and CEO of Dubai Investments, said. “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.”
Dubai Investments is known for effectively managing and marketing different real estate projects, including residential developments, on behalf of Dubai Investments Real Estate Company (DIRC).