Meydan City Corporation has announced plans to develop the world’s tallest residential skyscraper, Meydan One Tower, bringing optimism back to Dubai’s real estate market.
The emirate has, in recent times, seen an array of disappointing real estate industry reports from rating agencies and analysts.
The 711-metre high mixed-use tower is part of the new record-breaking mega tourism development project ‘Meydan One’, which has been announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
HH Sheikh Mohammed said that the company will develop a new 3.67 million square metre leisure, residential and hospitality destination in the heart of the city.
Meydan has revealed impressive details of the new project which is on full display at this year’s Cityscape exhibition which taking place at the Dubai World Trade Centre from September 8 to 10.
Meydan One will also feature a huge new sprawling mall, the world’s largest indoor ski slope, a 25,000 square metre indoor sports facility, the biggest dancing fountains in the world (more than 420 metres long), a 300-metre-long beach and a civic plaza capable of hosting up to 60,000 people. It is also set to contain a 100-berth marina and a four-kilometre canal.
The tower will host 885 residential apartments and will be home to more than 78,300 residents. It will also boast a 350-room five-star hotel, a conference centre, an observation deck at 655 metres, a sky restaurant at 67 metres and a Meydan One Marina Yacht Club.
Covering 25,000 square metres, the Meydan One Mall will feature a retractable roof, measuring 150×80 metres – which will be open in the winter months – more than 300 restaurants, cafés, kiosks and luxury retailers, as well as a range of retail outlets and nightlife venues.
The 1.2-kilometre-long ski slope is part of the five-million-square-metre leisure destination, which will also feature more than 5.3km bicycle and jogging trails, a 9km boardwalk and a heritage village.
The first phase of the development, located between Meydan and Al Khail Road, is scheduled for completion in the next five years, in time for the UAE’s hosting of World Expo 2020, when Dubai’s population is forecast to hit 3.4 million.
“This development is a forward-thinking, interactive enterprise geared towards the Dubai of tomorrow. The encouragement and support we have received in the past from our trusted partners will now help the Meydan One development come to life,” said Saeed Al Tayer, chairman and CEO of Meydan.
The Meydan Group had announced two major projects at last year’s Cityscape Global: Mohammed Bin Rashid Al Maktoum City – District Eleven and Meydan Avenue, two mixed-use developments in Dubai.
Market reviews by rating and consulting agencies have suggested that Dubai’s real estate sector has been witnessing a downward correction after it peaked in October 2014.
The studies said sale prices of property in the city dropped by an average of eight per cent in Q2 of this year and residential rents dropped by three per cent on average, partly due to the new supply of units and falling global oil prices.
However, the emirate’s real estate companies have reported positive performance in the second quarter of 2015 and a multi-billion-dollar mega-development project has been announced amid worries over the worsening market.