There’s no ocean view. It’s miles from the city center. And the whole project is still an expanse of desert sand.
Yet buyers are already snatching up these Dubai properties, which start at $6 million for the land, not including the cost of a new house. The development, Discovery Dunes, is being built with a $1 billion investment from US developer Discovery Land Co., which specializes in high-end residential golf courses and bought the land outright for 1 billion dirhams ($272 million). It is financing the project itself.
The project is Discovery Land’s first in the Middle East, though Founder and Chairman Michael S. Meldman says he’s negotiating a second property purchase in Dubai and is looking at several sites in Saudi Arabia. It’s a long way from Scottsdale, Arizona, where the company is based, but Meldman says he’s been looking for the right place to build in Dubai for more than 15 years.
“I remember seeing Sheikh Mohammed [bin Rashid Al Maktoum, the ruler of Dubai] on 60 Minutes early on, when he was explaining his vision,” Meldman says. “The first time I visited, you could really see what they were talking about and what’s going on there. I always thought Dubai would be one of the great places for Discovery.”
The project is set in an area called Dubai South, very near the city’s secondary airport—and its private jet terminal. Residents will have concierge service arrangements with the terminal, as well as helicopter access to bypass Dubai’s growing traffic jams, Meldman says.
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