Meydan District One when completed will probably be Dubai’s premiere residential address rivaling the VIP addresses of Jumeirah, Palm Jumeirah, Emirates Hills and certain clusters within Dubai Hills Estates.
District One is a part of Mohammad bin Rashid City which stretches from one end of Al Khail Road to another. This particular project, called District 1, is a joint venture between Sobha Developers and Meydan. It is located directly behind Business Bay and Downtown Burj Dubai. As per Developer press-releases, a total of 1,500 villas will be released over four phases. The first handovers are expected in 2016 and the entire project will probably be completed by 2020.
One of the main features oft the project is a 7 KM lagoon to be constructed by pool technology company Crystal Lagoons.
The first two phases of the project were launched in 2014 and 2015 respectively. Both Phase 1 & 2 are 100% sold out and the project has attracted high-net worth buyers from many countries. The first two phases consist of about 600 villas.
In January 2016, the developer announced the launch of Phase 3 which will contain approximately 434 villas. Phase 3 is considered to have a better location than the first two phases and the developer has introduced several modifications such as larger plot sizes, more wardrobe spaces and optional basements. Prices have also been revised slightly downwards; whereas some villas in Phase 2 were sold as high as AED 2,500 per sq. ft., villas in Phase 3 average about AED 2,200 per sq. ft.