Dubai Investments Real Estate Company (DIRC) has announced the completion of preparation work including excavation and shoring for the first phase of its Dh3-billion ($816 million) mixed-use project, Mirdif Hills, coming up in the Mirdif area of Dubai, UAE.

A real estate arm of Dubai Investments, DIRC said the first phase of Mirdif Hills – the only freehold in Mirdif now – includes 1,054 apartments in its three components, Janayen Avenue, Nasayem Avenue and Al Multaqa Avenue.

The project offers a mix of residential, commercial and retail attractions spread across an area of 3.9 million sq ft. These include studio, one-, two- and three-bedroom units besides duplex apartments; a four-star hotel with 116 rooms, 128 serviced apartments and a 230-bed hospital. The main contractor is Engineering Contracting Company (ECC).

Foundation works for Janayen and Nasayem Avenues are nearly 75 per cent complete and the ground floor slabwork is under way. The mixed-use project is expected to be fully completed by the end of 2018.

Obaid Mohammed Al Salami, the general manager of DIRC, said: "Mirdif Hills is a unique mixed-use development and we are confident that it will be able to fulfil its commitment to deliver the project on time while meeting the highest quality standards."

"Once complete, the project will offer residents as well as visitors a distinctive mix of retail attractions and luxurious living experience," he noted.

"The demand for Mirdif Hills has been very encouraging – with end-users showing a lot of interest. With its strategic advantages of location and amenities, Mirdif Hills is an exceptional project catering to the needs and demands of the market," he added.

DIRC, which has unveiled sales of the first component – Janayen Avenue, has on offer flexible payment plans for investors. These include 30 per cent payment during the construction phase, and the balance 70 per cent on handover, making the process easier for buyers with extended payment terms.

As per the plan, a 10 per cent down payment is to be made on booking, followed by five per cent on signing the sale and purchase agreement within the next 60 days, five per cent within six months of the booking date, five per cent within a year of booking, and five per cent within 18 months of the booking date. The balance 70 per cent payment can be made on handover.

DIRC said it will launch the sales shortly of Nasayem Avenue, which contains a mix of residential buildings, providing units ranging from two- and three-bedroom apartments to three- and four-bedroom duplexes.

One of the unique facets of Mirdif Hills is its Vertical Villas concept, which is gaining international popularity, stated the developer.

Inspired by French architect Le Corbusier, the Vertical Villas series – being built in the Janayen Avenue, comprises many villas, built in one single building and rising up vertically, giving it a sustainable and environment-friendly appearance, it added.-TradeArabia News Service