Sales of Phase Two of Sama Dubai's 'The Lagoons' commence

Located near the heart of Dubai, 'The Lagoons' will offer a unique environmental living experience created by a series of enhanced waterways and delightful buffer islands next to the Ras Al Khor Wildlife Sanctuary. 'The Lagoons' is a landmark real estate project being formed by extending the Dubai Creek further inland and creating a series of seven lush interconnected islands earmarked for a mixed-use project unique to Dubai.

Farhan Faraidooni, CEO of Sama Dubai said:

'We are confident of the continued high level of demand for 'The Lagoons', as illustrated by the swift selling out of phase one of the project. Our certainty in the continuing level of demand stems from the investment value that 'The Lagoons' presents to interested buyers. The positive and enthusiastic feedback we have received from investors, developers, and end-users alike demonstrates their commitment to be a part of this distinctive development that is currently witnessing a remarkable transformation into a one-of-a-kind location in the city.'

Indicative of the growing interest in 'The Lagoons' since the announcement of the project, Sama Dubai recently reported an earlier than anticipated sell out of phase one of the project. Construction of the signature development commenced earlier this year and is on schedule. All facets of 'The Lagoons' will be implemented by 2010.

Commenting on the launch of sales for phase II of the project, Abdulsalam Almarri, General Manager of 'The Lagoons' said: 'We are giving prospective buyers the opportunity to live in an area that will allow easy access to arteries and central areas of Dubai. We expect buyers to be drawn to the numerous qualities of the master planned development including its close proximity to Dubai International Airport, excellent access to Emirates Road and Sheikh Zayed Road, as well as other major arterial routes in Dubai.'

'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' is set to offer inspiring landscaped surroundings enhanced by a plethora of waterways, parks and green belts with reduced density housing and reduced building heights. Sama Dubai recently unveiled the project's master plan showcasing the upscale residential communities, as well as world-class retail complexes and business facilities which 'The Lagoons' is to host. The project will also offer great shopping, fine restaurants and exciting nightlife, along with a diverse range of housing options.

'The Lagoons' will have seven beautifully landscaped islands, comprising of residential units, shopping centers, office buildings, and marinas. These detached islands will be linked by 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 internationally-important wildlife sanctuary in Ras Al Khor which will provide 'The Lagoons'' future residents with spectacular views and vistas.

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.