G&Co seeks foreign cash for Dh1bn Meydan plan

G&Co, a Meydan subdeveloper, is seeking overseas funds to invest in a Dh1.2 billion villa project.

It yesterday launched the 200-villa project in Meydan's South Extension.

"Part of our study is to talk to fund managers, global and local investors to invest in the project," said Joseph Ghossoub, Chairman of G&Co. "We have seen a definite interest in the project and the fact that not many villas are being built in Dubai further reinstates the demand for villa projects in the emirate," said Ghossoub.

"We have carried out all the feasibility studies and I am confident that all the 200 villas we plan to build will be sold," he said.

According to G&Co, the show-home villas will be ready by end of this year and the villas will be ready for sale by March end next year.

He said the project will be priced creatively and will be an affordable development.

"The way we are considering the prices of these villas, it will be creative and affordable. The overall villa development will be completed by the end of 2015," he said.

G&Co is also in the process of tying up with banks to provide financing for investors on the project. According to Meydan, the land plots within Meydan are sized between 9,000 square feet to 21,000 sq ft.

Meanwhile, in an earlier interview with Emirates Business, Mohammad Nasser Al Khayat, Commercial Director, Meydan, said that the master-developer has looked carefully at the various Sales and Purchase Agreements (SPAs) and that its agreements and contracts are thorough and have been drafted keeping the latest UAE laws in mind.

Meydan has not set any time frame for its sub-developer to begin construction.

"We are still checking the market and seeing how the market trends are moving. If things are more positive, then we will start working closely with the developers," said Khayat. "We have always treated our investors like partners and we were very selective with respect to who we invited to invest in Meydan City.

"We communicate with our investors frequently to ensure that we work with their development programmes and to accommodate their needs as we move forward," he said.

Ghossoub said the developer was bullish about the prospects of their investment on the villa project in Meydan.

"Meydan not only offers the strength of partnership, but will also prove to be a viable investment for the long term." He added: "Meydan's strategic location, its proximity to the heart of Dubai as well as its overall urban master plan for Meydan City were the key pulling factors for us to invest here.

"Dubai has a myriad of opportunities for both business and lifestyle, and we believe it will continue to be a draw for investors and residents who wish to be at the gateway of Asia and Europe."

Meydan City features the Meydan Free Zone and four distinct sub-districts – the Meydan Racecourse; Meydan Metropolis, a series of state-of-the-art business parks; Meydan Horizons, where business towers intermingle with luxury waterfront developments; and Meydan Godolphin Parks, with its distinctive Godolphin Tower created in the image of a thoroughbred and also where the shopping destination Signature Mall is located.

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