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Dubai-based Union Properties has revealed new plans to develop a $163.35 million project in Motor City, which includes a theme park.
The company’s chairman, Khalid Bin Kalban, has outlined plans which will see 50% of the land used to create a theme park and the rest on a mixed-use development – a type of urban development that blends residential, commercial, cultural, institutional, or industrial uses.
Plans for F1-X Dubai, a theme park dedicated to the Formula One car racing competition, are not new, as they were initially put on hold as costs were expected to overrun by nearly $550 million.
A feasibility study had outlined how the allotted theme park development would overrun, but the plan has now been redesigned to reduce the costs involved.
The new plan has been approved by Dubai Municipality, but is yet to receive clearance from Dubailand, who would prefer to see the theme park developed as originally thought-out.
The developer also intends to relaunch The Link Motor City project, an $81.67 million development which will have a retail component and a three-star hotel.
Originally, the plan included seven hotels but the ambitious hospitality development has been substantially reduced.
“We are executing the Motor City masterplan, but with slight changes because market dynamics have changed. It is the most prosperous community in Dubailand. We want to capitalise on it,” said Mr Bin Kalban.
Dubai is well renowned for its theme park offerings which include, IMG Worlds of Adventure – the latest record-breaker is the size of 28 footballs pitches and features four zones including one dedicated entirely to dinosaurs – and Motiongate at Dubai Parks and Resorts.
The latter is a Hollywood-inspired adventure land featuring 27 rides inspired by 13 memorable action and animation films.
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Date Created: 20/12/2016