Phase one of 'The Lagoons' completely sold out

Construction of the scheme commenced earlier this year and is on schedule. All facets of 'The Lagoons' will be implemented by 2010.

Farhan Faraidooni, CEO of Sama Dubai said: 'There has been intense interest in the project from local and Gulf investors which has resulted in the first phase selling out much earlier than had been anticipated.'

'The speed at which available land plots have been snapped up confirms our belief that 'The Lagoons' is set to be a signature development within Dubai's booming property sector.'

Commenting on the success of the project, Abdulsalam Almarri, General Manager of 'The Lagoons' said: 'The Lagoons' unique offerings and strategic location attracted a lot of investors on the local and international level. Our expectations were surpassed by the unprecedented level of demand and we are extremely happy with the number of requests we have received. This serves as a testimony to the overall success of the entire team working on 'The Lagoons'. We are looking forward to finalizing the upcoming land release phases of the project with the same level of efficiency and by applying the highest international standards.'

'The Lagoons' will offer freehold property with 100 per cent ownership to all nationalities. Half of the project will be sold to third party investors for development. The remaining 50 per cent of the area will be developed, marketed and operated by Sama Dubai.

'The Lagoons' recently unveiled its project master plan and will soon play host to upscale residential communities, as well as world-class retail complexes and business facilities. The project promises to offer great shopping, fine restaurants and exciting nightlife along with a diverse range of lodging options.

'The Lagoons' will have seven beautifully landscaped islands, comprising of residential units, shopping centers, office buildings, and marinas. These detached islands will be interlinked with bridges. The project will also incorporate a unique work environment with its own Central Business District (CBD), where multi-nationals and regional corporations can establish their headquarters.

Protection of the environment is a key component of the development. 'The Lagoons' is one of the first projects in Dubai to undertake a comprehensive Integrated Environmental Impact Assessment (EIA) following international standards across all facets of the project.

In addition, Sama Dubai is working in cooperation with Dubai Municipality to explore ways to protect and enhance the wildlife sanctuary in the Ras Al Khor to ensure that 'The Lagoons' and the sanctuary are fitting neighbours.

As well as its natural surroundings, and in line with the project's promise of an idyllic living experience, residents will have culture on their doorsteps in the form of Dubai's first Opera House, designed by an internationally acclaimed architect. Other cultural elements will include a planetarium, museum, art center and theater.

The project will also include themes of environment, conservation, parkland and open spaces; boardwalk; resorts; marinas; five-star hotels; commercial towers with large office spaces; bicycle and jogging tracks; malls and souks on the water front; high-end villas and uptown apartments.