First residential land plots to be released to third party developers in the Dubai's new trendy and prestigious Dubai Design District (d3).
Private developers will have an opportunity to start constructing residential buildings 9 to 13 floors high on the inner side of the master-development, which has a footprint of 14 million square feet. Some of the land plots are to be built up by Dubai Design District itself, backed by strong demand for commercial property from many interested companies and firms. Dubai Design District development master plan implies that total built-in area in the district will reach 21 million square feet upon the project’s full completion.
Dubai Design District neighborhood has already earned fame as one of the most fashionable and swanky areas of Dubai. “The intention is that at no point of the day, season or year should any portion within d3 close down,” said Lindsay Miller, Managing Director of d3.
“That’s the idea behind having the hotels too, which would make d3 the place to live, work and socialise. The entire project is geared to a certain lifestyle — it’s most definitely not going to be a 9-5 place.”
11 buildings for office and retail — totalling 1.5 million square feet — will be built as part of the first construction phase. Phase 2 includes warehouses and workshops construction, while Phase 3 will create 12-14 small boutique hotels overlooking 1.8 km embankment.
Demand from potential commercial property tenants in d3 is so great that the developer had to start a long waiting list, especially for retail property. And offices rental rates in d3 had equaled to the similar properties of Downtown Dubai. “d3 has had the most successful pre-release leasing in the city,” said Miller.