While the Palm Jebel Ali and the sales of ultra-luxury houses there is the center of attention, one developer in Dubai, Azizi, is not letting that stand in the way of the opening of its Dh30 million mixed-use community.
At Dubai South, where it will be constructed, “Azizi Venice” aspires to be the largest single developer launch to date. The residential community will span a 15 million square foot area. And a staggering 24 million square feet of built-up space. There will be a number of water bodies running through the project, in line with the Venice theme.
The community will house more than 70,000 people when construction is complete and include 30,000 residences.
Construction on the largest and most expensive project Azizi has ever undertaken has already begun, and sales will begin on October 3. According to CEO Farhad Azizi, the cost of the first batch of homes would be decided within the next day or so.
“There’s going to be an opera house, an air-conditioned boulevard that will be an all-year shopping destination and a water park. Plus, schools and a hospital, plus even a smattering of offices. This is a project that easily fits into what the market wants – and buyers are willing to pay for that.”
Dubai South’s getting extra popular
Dubai South has recently been a significant draw for owners and tenants looking for affordable solutions. The price of two-bedroom flats is Dh1.2 million, and most of them are brand-new or recently constructed. The Al Maktoum International Airport, the logistics centers, and other commercial hubs are only a few of the main factors that are advantageous to the 145 square kilometer master-development.
‘Venice’ completion
Farhad wants to make sure that the building is completed as quickly as possible, ideally “well before 2027.”
“Even though this is 3 times the size of our other big community, Riviera, we will have much better control of all aspects of the construction,” the CEO said. “We don’t have to create a situation with multiple phases – that takes up too much time.
“So, even with 15 million square feet to build on, direct control on construction means we can keep the project moving at the right speed. That applies to the zoning of the project, etc.
“This is the first time we are taking this approach to our construction.”
The project will be completed just in time for the peak in demand for Dubai South’s residential options if Azizi is successful in meeting the goal of first deliveries before 2027.
Contractors on a high
The construction industry will be very prosperous as a result of Dubai’s construction of the second Palm and, now, of “Venice.” Despite the fact that construction costs have started to rise, especially since June.
For Venice, the initial works are progressing smoothly, said the Azizi CEO. “The other good thing is we can time the stages – whether new launches or construction – in sync with market cycles,” he added. “But right now, I don’t want to see the project taking too long for completion.”