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).
