Dubai Investments, a leading, diversified investment company, has broken ground on its Dh3-billion ($799 million) freehold project Mirdif Hills being developed by its real estate subsidiary Dubai Investments Real Estate Company (DIRC).

Mirdif Hills, the only freehold project in the area, is a mixed-use residential, commercial and retail development spread across an area of 3.9 million sq ft.

It will feature 1,054 apartments – a mix of studio, one-, two-, three-bedroom apartments and duplex units, a four-star hotel with 116 rooms & 128 serviced apartments and a 230-bed hospital.

The groundbreaking ceremony was held in the presence of Khalid Bin Kalban, the managing director and CEO of Dubai Investments and chairman of DIRC, Obaid Al Salami, the general manager of DIRC, company officials and representatives from the project contractors and consultants.

On the new project, Bin Kalban said: "The sales of Mirdif Hills, launched in December, received phenomenal response from investors and end users, which is a great endorsement of not only the project features but also of Dubai Investments and DIRC’s track record."

"The Janayen and Nasayem Avenues were launched for sales in the first stage. With the groundbreaking ceremony, the company is looking forward to driving the project to completion within the set timeframe," he stated.

To be developed in two phases, Mirdif Hills is likely to be completed by the fourth quarter of 2018.

DIRC has launched an attractive payment plan for the project, wherein investors need to pay up to 50 per cent of the value during the construction phase and the balance on completion.-TradeArabia News Service