The region's leading property developer, Al- Mazaya Holding, has broken ground on phase one of Queue Point in Al-Liwan, the first middle income residential project in DubaiLand, following the awarding of AED460 million in contracts to the contractors selected to execute this phase. The second and third phases of the mega project are set to be launched within the next two months. The ground breaking ceremony was held at the project site in Dubai Land and attended by Khalid Esbaitah, CEO and managing director of Al-Mazaya, Sami Al-Hashimi, CEO of Mizin, and a number of senior executives from Al-Mazaya, representatives from Al-Liwan Management and the appointed contracting firms. Al-Mazaya has divided the construction works for phase one of the project between three contractors, namely Al-Omran, Al-Sarah and Al-Ruwabi, in order to expedite the construction of this expansive phase of the project, which covers an area of 3.562.744ft². The construction works on this phase includes14 plots on which 1031 residential units are to be built. The entire Queue Point project comprises a total of 52 plots. Al-Omran has been awarded four of the first phase plots for development, Al-Sarah five plots and Al-Ruwabi the remaining five. The long-awaited step to break ground confirms Al-Mazaya's dedication to completing the project as soon as possible and to demonstrate the company's commitment to its investors. The schedule includes completion of various works, in phases, from 2008 until the end of 2009. Every unit in the Queue Point project was sold in record time, due to the unique nature of the development as a fully integrated, state-of-the-art project that addresses the needs of middle-income groups. The project received overwhelming responses from homebuyers looking for affordable freehold residential units with flexible payback terms. Esbaitah said “the Queue Point project is progressing very well. Following the resounding success of the sales phase, which saw 100 percent of the units on offer sold in record time, we are proceeding with the construction of the project. We are confident that building of this project will be executed to the stringent standards we set in the planning of the project.” “We have selected three contracting firms for the job, basing our selection on these firms' credibility and on their reputations for reliability and professionalism. Therefore, we are confident that they will deliver the project to the highest of standards and in accordance with our vision and values,” he added. Esbaitah said Queue Point was launched to cool the price fever in the residential and commercial sectors. “The project is strategically situated in a prime location within DubaiLand, one of the most sought after addresses in Dubai. It offers competitive quality at affordable rates. This project will lead the way for affordable housing in DubaiLand,” he said. “The real estate sector in GCC countries is undergoing changes and developments that make it necessary for developers and financers to focus on low and middle cost projects, in order to ensure stable returns on their investments. Prices will be rectified in the long term, when a balance between supply and demand is created. However, projects such as Queue Point will not be affected by any price fluctuations,” he further said. Queue Point, located near the Emirates Road at the Al-Ain Road intersection, comes with an investment price tag of AED2 billion. It will include a variety of multi-purpose buildings, both residential and commercial, of between 5 and 15 storeys and finished in a style reminiscent of the architecture for which the city of San Francisco is famous. The buildings promise affordability for various segments of society and will consist of a combination of residential and commercial units, interspersed with green areas and water features. __
