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The master-developer of Falcon City is to get cracking with developing the ''wonders of the world'' recreations that are to form such an integral part of the project.
The plan is commit ''massive investments'' through the rest of this year and the next to fast-track development of small and mid sized ''pyramids'', which are to feature serviced apartments.
''Everyone's been asking as to when the wonders of the world are coming,'' said Salem Al Mousa, Chairman and CEO of Falcon City of Wonders. ''We have sub-developers who are supposed to do the Eiffel Tower and the Taj Mahal — but they haven't started so far.
''I'm not going to wait any longer, and will start work on the wonders that I can do directly, which are the pyramids. I am going to use my own money — bankers may their plan B and C, but I work to my own plan, which is Plan A. And I don't need bankers.''
On whether he plans to take up the issue with the concerned sub-developers if they fail to launch the projects, Al Mousa said: ''I will go by the book.'' But he did not go into details of what this could entail.
Even without the ''wonders'', Falcon City has been building up scale. There are an estimated 400 families resident there, while secondary market activity related to properties within Falcon City has topped Dh11 billion, according to Al Mousa.
The developers will also start on the 'City of Beirut' and 'City of Old Dubai' clusters, as well as the Central Park. Also Mooa said he does not see any merit in bringing in outside hotel operators to handle some of the properties within the development. These can be handled just as well with internal resources, he said.
''I am going to bring in as much as it takes to create what the market and property buyers have been looking for us to deliver. There are 69 strategic elements within the master plan and we will work on bringing as much to reality in the quickest possible time.
''These days, the business of development has too many obstacles to contend with — even external factors,'' said Al Mousa. ''It's no easy job. But the fundamentals of the UAE remain the same and that's what will continue to influence developers.
''I will say that in two years we will have crossed the 50 per cent mark in terms of building up Falcon City. It will be done.''
Source: Manoj Nair, Associate Editor, gulfnews.com