Falcon City of Wonders, which is one of the biggest scale projects in Dubai is going to get a new life with US$2 billion in new developments. The project which was initially launched in 2005 has only seen the completion for tenth of the 5,500 homes.
The original idea of the project consists of a falcon shaped community along with the replicas of Taj Mahal and the Pyramids. So far there are no wonders to be seen on the ground though.
According to the developer, the delays and problems in project have been caused by the sub-developers who were given the contracts for making attractions like the Eiffel tower, Leaning Tower of Pisa etc.
According to the developer, it was made very clear for the sub-developers that the construction needs to start immediately after sale but it didn’t happen. Because of delays from sub-developers the main developer has to bear the losses as well.
Finding no hope with the sub developers, the main developer has already taken the control of 10 such attractions that include retails, hotels, offices and residential units.
The developer is very optimistic about completing the overall project by 2020 as well but no confirm details are yet available regarding from where and how the developer is going to get US$2 billion in findings.
It could be a challenge for the developer to get new investments amid the current situation of Dubai’s real estate market and gradually falling prices. According to the developer, every day is not a happy day in business as contracts move forward in some cases and in some cases they roll back as well.
Commenting on the oversupply in Dubai’s residential market, Almoosa said that anyone claiming such thing should think twice because we have to prepare for the future growth.