SUNLAND through its Dubai subsidiary has entered into a joint venture with Becfar Develpments Inc to buy a site in Culture Village for $A32 million (92 million dirhams).
The 2,300 sqm site is in the same precinct as Sunland’s other projects the Palazzo Versace and D1.
Under the joint venture, Sunland will be responsible for design, project management, construction and sales of the project, which the group will receive fees.
Sunland has plans to develop a 26 level mixed use residential tower with an end value of $151 million (454 million dirhams).
The proposed development will be launched around November 2007 with a construction start in January 2008.
Completion is expected by 2009.
Becfar is the investment vehicle of
Sunland’s managing director Sahba Abedian said the group’s
Sunland holds a 50% in all three Culture village projects including Palazzo Versace Dubai and D1, a 33% interest in the mixed use project in
The remaining $4 billion portfolio is in the
Australian Property Journal
