National Properties has broken ground for Skycourts, the pioneering freehold residential development that will come up in the heart of Dubailand.

The groundbreaking follows the successful launch of the Dh1.5 billion ($0.408 billion) project last year, during which the first phase of residential units was all sold out within six days after the sale was opened exclusively for customers of National Bonds Corporation, which owns National Properties.

The release of the next phase of apartments will be announced shortly, with exclusive booking facility extended to National Bonds holders initially.

Senior officials including Mohammed Al Shaibani, chairman of National Bonds Corporation; Nasser bin Hassan Al-Shaikh, vice-chairman & CEO of National Bonds Corporation; and Adel Lootah, CEO of National Properties, attended the ground-breaking ceremony held today morning.

Skycourts is the first real estate project to be developed by National Properties, a wholly owned subsidiary of National Bonds Corporation with the objective of offering distinctive homes and lifestyle options to the multinational community in the UAE.

Set for completion in 2009, Skycourts will add over 2,300 apartments to Dubai's expanding portfolio of residential communities. Residents of Skycourts will have all modern amenities and luxuries in one of the prime locations of Dubai, all packaged at an affordable price.

Commenting on the project, Al Shaibani said that Skycourts will help Dubai address the need for affordable yet elegant homes and ensure harmonious and balanced real estate development.Trade Arabia News Service