Prescott Real Estate Development, a leading player in the regional residential and property business, said it has broken ground on a major residential and commercial project, Prime Views, at Dubai's prime address, The Meydan.

Estimated to cost over Dh165 million ($45 million), the project will feature 133 one-bedroom units and 18 two-bedroom units spread over four levels and covering more than 225,000-sq-ft area.

Its unique placement in Meydan Avenue, home to the Dubai World Cup and the world's richest horse race, makes Prime Views a distinctive home address in the heart of new Dubai, said the top developer.

The property is situated next to the world-renowned Meydan Racecourse and The Meydan Hotel, a multi-faceted development that offers visitors and residents a sophisticated lifestyle.

Prime Views will be built to the highest quality standards, bringing luxury living to the residents of Dubai, It is expected to be completed by the fourth quarter of 2019, it stated.

The premium residential development has been designed to offer an urban lifestyle with a unique horse racing backdrop on one side and an impressive Dubai Downtown skyline on the other, said a senior official.

"Our vision has always been to provide reasonably priced and premium luxury living spaces in prominent neighbourhoods that embrace the good life in Dubai. Prime Views brings luxury living without compromising on quality, location, and amenities," remarked CEO Muhammad Shafi.

Prescott's mega housing project comes in the wake of a government-led affordable housing programme, which is geared towards drawing residents back to Dubai by reversing an earlier trend that saw most residents seek cheaper and less glamorous options in the Northern Emirates.

And with Dubai's affordable housing schemes continuing to gain momentum, Prime Views is now poised to set a standard in terms of value addition by incorporating prime privileges that cater to the tenants' lifestyle, stated the official.

Dubai's bullish economy has also seen renewed confidence within the real estate market with developers currently working to deliver over 35,000 units this year, bringing the total number of residential units on the market to over 500,000, noted Shafi.

"The Prime Views apartments, which are at the heart of Meydan Avenue, will include temperature-controlled pools, a fully equipped health club that sports the latest equipment, and will be surrounded by a vibrant community of outdoor dining, cafes, bistros, and luxury retail," he explained.

With over ten years' experience in the property market, Prescott has successfully initiated and successfully completed numerous real estate projects in Dubai's multi-functional zones, some of which include, First Gold and Silver Certified Leed residential buildings in Dubaim, he added.-TradeArabia News Service