Al-Futtaim back in DFC residential market
Dubai, September 12, 2012
Dubai-based Al-Futtaim Group will get back to the residential units business in its Dubai Festival City (DFC) development, a senior official said.
Property sales at the massive mixed-use development had recovered and market conditions are likely boost prices back up to 2007 levels, Ian Plumley, the general manager at Al-Futtaim, was quoted as saying in a report by Gulf News.
“We’re at about Dh1,300 ($354) a sq ft,” Plumley was quoted. “Al-Futtaim is planning to sell some existing residential property that it had been leasing to tenants.”
“Slowly, we want to take the master plan and develop it over the next 10 or 15 years,” he said. “We’re just now signing off on the next five years, which will bring us about 500 or 600 units more.”