|A $1.9 billion real estate project in Dubai, which was halted for years after the global financial crisis in 2008, is on track to deliver its first homes later this year, it was announced recently.|
Living Legends by Saudi developer Tanmiyat is set to deliver its first 150 villas in the second quarter of 2015, a statement said.
The developer had launched Living Legends - which includes homes, shopping mall, boutique hotel, schools, clinics, and a world-class 9-hole golf course - before the property crash and was meant to deliver parts of the development between 2008-2010.
However, work remained at a standstill for years and only picked up again as the market improved.
With more than 4,000 workers on-site every day, the project promises luxury villas and apartment towers across 14.4 million square feet of land, located near to Dubaiís downtown area. Eighty percent of units have already sold.
Under the new management of Tanmiyat Global, its CEO Mohammed Bin Odah said he is committed to finishing the project on-schedule and with full transparency.
"We want Living Legends to epitomize our mission and values and that means meeting investor expectations that we meet our schedule for delivery on time, every time with visible progress towards our future goals," he said.
The completed project, projected for 2016, will comprise 500 villas and 12 apartment towers, along with a community club house, shopping mall, boutique hotel, schools, clinics, and a world-class 9-hole golf course.