Dubai, UAE - 21 March, 2013: Meydan and G&Co today announced the launch of Millennium Estates, a new luxury residential development set to occupy Meydan's South Extension. Construction work on the development has commenced following the ground breaking, with completion and delivery scheduled for late 2015.
The AED 1.2 Billion gated community will comprise 198 luxury villas built over 3.8 million square feet of land and will be available on a freehold basis. The villas will be offered in three distinct types catering to different taste and lifestyle requirements. They will range in size between 5400 square feet of livable space and 6,800 square feet, and will enjoy ample garden space for outdoor living. The development will also include spectacular walkways and common parks.
Speaking at the launch, Mr. Mohammad Al Khayat, Head of Commercial and Free Zone at Meydan said: "We are very pleased to see this launch come to fruition three years after the initial land sale announcement, and with delivery to the same timeline promised then. We are confident that Millennium Estates will become another world-class development to add to our growing Meydan community portfolio. I would like to congratulate G&Co. and its Chairman Mr. Joseph Ghossoub for their vision and I am confident the development will attract huge interest from investors and homebuyers."
Mr. Joseph Ghossoub, Chairman of G&Co. said: "Dubai's real estate market has shown incredible resiliency over the past few years, and we believe it will only go from strength to strength. Today's launch of Millennium Estates is further evidence of that.
"The Millennium Estates will epitomize luxury and functionality, and attempt to evoke and inspire the spirit of community living," added M. Ghossoub. The development will adhere to the Real Estate Regulatory Agency (RERA) regulations in regards to sales processes, including certified escrow accounts, ensuring total peace of mind for investors. Payment plans have been set at 10% on booking, 10% after 60 days, 5% after 120 days, and the remaining 75% upon handover of the unit.
Featuring bright, open spaces with double-height ceilings and extensive use of large glass panels, the villas were conceptualized with modern design elements, allowing a seamless flow between living spaces. These exclusive villas will feature only premium materials and finishing that will enhance the living experience of homeowners.
Located in Meydan's inner circle, neighboring the grandstand, the Millennium Estates are set to offer the best of fine suburban living with the convenience of nearby urban destinations, including DIFC, Downtown Dubai and a direct link to Sheikh Zayed Road. Modern, sleek and complete with exquisite finishes, the development is expected to become one of the most sought after in Dubai.