Dubai falcon-shaped "city of wonders" can get a new impetus due to the interest of Indian investors, after being stalled for months.
Falconcity of Wonders general management held a presentation to explain the components of FCW via a full-scale model to the interested Indian investors and clarify project’s key points in order to get a new round of investments.
Falconcity of Wonders is a large-scale project launched almost a decade ago. It covers an area of 3.8 million square meters and includes residential, commercial and hospitality real estate, as well as various tourist and recreational infrastructure units. In particular, it was planned to create replicas of all world wonders and most famous landmarks, including the pyramids of Egypt, the Taj Mahal, the Eiffel Tower and the Leaning Tower of Pisa.
Alharith bin Salem Almoosa, vice chairman and deputy general manager, FCW, said: “Falconcity of Wonders is one of Dubai’s most significant real estate projects given its distinctive international concept and diverse offerings. The visit enabled us to enhance our communication channels and discuss the different investment opportunities we offer to India’s business community.”
However, Matthew Green, head of research at CBRE, has recently criticized the project, saying that Dubai has outgrown the stage of creating copies of famous architectural structures and it is quite able to create something more unique. Regarding the amount of property initially planned to be build in the Falconcity of Wonders, Green also expressed doubts, as the complex is unlikely to be ready to house 75,000 people by 2021 as planned.
However, this does not stop Falconcity of Wonders developer from the further project’s development. FWC has even launched a special "smart" online service for existing and future residents of the complex to address various issues relating to the acquisition and maintenance of property here.