Phase II of 'The Lagoons' sold out

The rapid sale of the 15 million square foot (gross floor area) land plots, which opened in mid May, is seen as a testament to the quality of project that is being shaped.

Acknowledging the high level of investor interest, Abdulsalam Almarri, General Manager of 'The Lagoons' said: "The appeal of this project continues to draw a varied clientele who all seek to be a part of what is a noticeably exceptional development, and Sama Dubai is confident of the continued high level of demand for 'The Lagoons'."

"We are delighted with the significant interest the master planned development is drawing from international and regional investors, developers, and end users who are keen to be a part of this distinctive development."

As developers of the exclusive waterfront project, Sama Dubai has established a unique paradigm by presenting investors with a prestigious real estate opportunity in a master planned development and true metropolitan environment.

Comprising seven beautifully landscaped islands neighboring the Ras Al Khor Wildlife Sanctuary, 'The Lagoons' is one of the first projects in Dubai to undertake a comprehensive Integrated Environmental Impact Assessment (EIA), following international standards across all its facets.

'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 signature development, which will enhance Dubai's position as an international destination, will incorporate a unique work environment with its own Central Business District (CBD) for multi-national and regional corporations to establish their headquarters.

Residents will also have the fine distinction of preeminent cultural attractions on their doorstep 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.

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