DIFC to be developed as city centre concept

DUBAI - Dubai International Financial Centre (DIFC) will be developed as a city centre concept across 110 acres with a built up area of two million square metres above the podium level and two million squares metres below the podium that would include an integrated parking area that would accommodate 36,000 cars.

By Utpal Bhattacharya

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Published: Mon 23 Feb 2004, 12:15 PM

Last updated: Wed 1 Apr 2015, 11:55 PM

The project will be a state-of-the-art community that would apart from providing office facilities also have all other building uses to create a 24/7 city destination of choice.

Lawrence C Elms, chief executive officer of Land Co., the real estate arm of DIFC, said that as per the master plan of the Financial Centre, a total of 36 towers would be erected mostly through joint developments between developers and the DIFC. He also said that some plots, which are not of strategic importance to the Centre, would be sold.

He said that the DIFC is going public on the land development information today and that tenders would be invited for the development of 10 allotments, which would also include large scale development of up to 60 storeys.

Elms said that DIFC has decided to develop most of the real estate of the Financial Centre through joint development by putting the land that DIFC has as its equity, which is likely to be in the order of 15 to 20 per cent or more in any single project.

As per the current plans, Elms said that 45 per cent of the DIFC real estate development would be completed by the end of 2006, while the rest would be finished by the end of the decade. And once that happens, the Financial Centre would be a unique integrated project, where people driving down from the main highway will be able to decide which part of the parking area is full and which part is vacant. Also since the parking area would be huge there will be a district transportation system that will transport people to their destinations within the DIFC, he added.

The tender bids for the 10 allotments of the DIFC will close at 5pm on March 14. Elms said that the minimum bidding price would be for Dh100 per built up area and that already a price of Dh150 per built up area has been agreed.

The plot of land over which DIFC is being built is divided into eight districts. The Gate Building, which is being built now, will be the headquarters of the Financial Centre. This building along with six other towers that will be built around it will be developed by the Centre itself.

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