Real Estate Peninsula in Dubai

Under the title "Real Estate Peninsula in Dubai," Al-Bayan reported that a massive real estate project is about to be announced in the Business Bay area of Dubai. The new project is named (the Peninsula) and is being developed by Select Group, which is based in Dubai and has a record of high-rise residential and commercial towers, prominently including "Marina Gate" in Dubai Marina. The area of the Peninsula project is one million square feet, making it the largest among its counterparts in Business Bay and it features the longest view of the Dubai Water Canal. The development company aims for the project to include numerous facilities, creating a complete destination comprising green spaces, sports, games, and entertainment alongside residential and commercial buildings. The project will be developed in phases over a period of 6 to 7 years, and the land has been divided into 8 sections to facilitate this. The company has already begun awarding major construction contracts for the project. According to Al-Bayan Economic's information, the launch of the entire project, specifically its first phase, will coincide with the international event Expo 2020 in the coming days. The first phase will include residential and commercial towers consisting of 30 to 35 floors, and the second phase is set to be launched at the beginning of the next year, 2022. The company has established a marketing program that exempts investors from the 4% real estate registration fee, requiring a payment of 30% of the property value within 6 months after booking, and 70% upon completion and receipt of the property, which provides good liquidity for the developer to finance construction operations.