National Properties, the real estate subsidiary of National Bonds Corporation, on Sunday started ground-breaking on the first low-rise, low-density residential community in The Lagoons, Dubai Creek.
Being built at a cost of Dh800 million, Flamingo Creek will comprise 244 units including villas, apartments and duplexes spread over
Adel Lootah, chief executive officer of National Properties, said that low-rise developments are attractive to investors.
"It was designed to be low-rise as we wanted it to be different and wanted to give people more breathing space. And we wanted to show how smaller, more manageable projects are still something that people like to see."
Flamingo Creek is the third freehold development of National Dubai Properties following the start of Skycourts in Dubailand and Sulafa Towers in Dubai property Marina.
Abdul Salam Al Merri, CEO of The Lagoons, said that The Lagoons will be a "distinctive landmark in Dubai's property sector" and that Flamingo Creek will add a "unique dimension" to the development.
Lootah said that National Dubai Properties hope to increase their portfolio to Dh5 billion by the end of 2008.
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