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Phase one of 'The Lagoons' completely sold out

DUBAI — Sama Dubai, the international real estate investment and development arm of Dubai Holding, announced yesterday that the first phase of its 70 million square foot Dubai Creek waterfront project, 'The Lagoons', has completely sold out since being launched.

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

Farhan Faraidooni, CEO of Sama Dubai said: "There has been intense interest in the project from local and Gulf investors which has resulted in the first phase selling out much earlier than had been anticipated."

"The speed at which available land plots have been snapped up confirms our belief that 'The Lagoons' is set to be a signature development within Dubai's booming property sector."

Commenting on the success of the project, Abdulsalam Almarri, General Manager of 'The Lagoons' said: "The Lagoons' unique offerings and strategic location attracted a lot of investors on the local and international level. Our expectations were surpassed by the unprecedented level of demand and we are extremely happy with the number of requests we have received. This serves as a testimony to the overall success of the entire team working on 'The Lagoons'. We are looking forward to finalising the upcoming land release phases of the project with the same level of efficiency and by applying the highest international standards."