G&Co, a premium property company, is set to develop Millennium Square, a first-of-its-kind semi-detached freehold luxury villa project, in Dubai, UAE, at an estimated cost of Dh3 billion ($816.6 million).

It will come up at Meydan Dubai, one of the largest and most luxurious integrated racing, business and lifestyle hubs in the world.

The project is being exclusively sold by SPF Realty - a leading real estate broker in the UAE’s freehold property sector. It will be the beginning of a transformation from the existing townhouse concept to semi-detached villas as a status of luxury property.

Known as the ultimate global venue for horseracing, Meydan City development shapes the heart of new Dubai and redefines exclusive living in the city.

Meydan is the place, where the world’s richest racecourse (Dubai World Cup) showcases the region’s rich equestrian heritage. Millennium Square is a brand new bespoke residential community project, located in the heart of the prestigious Meydan Development.

The off-plan freehold villas are placed at a starting price of Dh4.34 million ($1.18 million) on a 30/70 payment plan that allows the buyer to pay 30 per cent in the first 12 months (10 per cent upon booking, 10 per cent in sixth month and 10 per cent in the 12th month); and 70 per cent at the time of receiving the completed property.

The project will be handed over in the last quarter of the year 2017, said a statement from SPF Realty.

Investors of any nationality, irrespective of their residency status, can buy the Millennium Square freehold property. The property purchased by an expatriate will be put in his/her name for life, which allows the buyer to register the property in Dubai Land Department.

The owner will then have full rights to the property, including the right to sell, lease or rent it at his/her own discretion. This property can also be inherited, in line with Dubai Government laws, it stated.

The Millennium Square project in Meydan Dubai offers ultra-luxurious, semi-detached villas with the finest of exclusive suburban living and convenience of nearby urban destinations - including Dubai International Financial Centre (DIFC), Downtown Dubai and a direct link to Sheikh Zayed Road.

Unlike townhouses and conventional villas, the semi-detached villas consist of pairs of houses built side by side sharing a party wall and in such a way that each house’s layout is a mirror image of its own. This means that only two villas will be adjoining each other.

On the project, Kalpesh Sampat, the director of SPF Realty, said: "We have received overwhelming response from investors for Millennium Square, a unique project in Meydan Dubai. The newest residential project in Meydan redefines elite living."

"Featuring the very best of international architectural designs, Millennium Square is ideally located for people looking forward to live in exclusive surroundings with breathtaking nature. The villas promise distinctive characters that match the buyers’ taste and lifestyle," noted Sampat.

The semi-detached villa comprises four bedrooms plus a maid’s room with a built up area of 3,479 sq ft, covering 60 per cent of the total plot size of 3,350 to 3,550 sq ft.

"The rest 40 per cent of the plot covers garden area. There is an option for making one extra bedroom on ground floor with no extra cost. The amenities in the project include Community Centre, Swimming Pool, Gymnasium, Play Areas, Parks, Mosque and Retail Outlets," he added.-TradeArabia News Service