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Work on two landmark Dubai projects halted |
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1/23/2009 10:24:13 AM |
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Two ambitious Dubai projects announced with much fanfare only a few months ago are reportedly on hold.
Although details are sketchy, both projects—the Nakheel Tower and Jumeira Gardens—are apparently the victims of the growing unease in the Dubai market, which has not been immune to the global slowdown.
Even by Dubai standards, both projects aspired to set new standards for decadence and grandiosity. (And both plans were greeted with a certain amount of skepticism, given the market conditions.)
The Nakheel Tower, announced in October, was designed as the tallest building in the world, rising to more than one kilometer. But the developers say construction on the foundation has been halted.
“Further work on the foundations of Nakheel Harbour and Tower will commence in 12 months,” a Nakheel spokesman told the National.
The fate of Jumeira Gardens, a project slated for central Dubai, is less clear. The $95 billion plan calls for a vast project anchored by three distinctive towers. But the development is reportedly in limbo, after developer Meraas Development decided “investors demands have changed” and that it must “quickly respond to meet these market needs.” Meanwhile, residents of the area displaced by the development reportedly have been allowed to return to the area. (A spokesman for the project did not reply to several requests for comment.)
Announced during Cityscape in October, the Jumeira Gardens development was designed as a self-contained “city within a city,” including canals, islands and wide variety of uses, all with Dubai’s typical architectural flair.
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Source: Blogs.iht.com |
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