Falconcity – A Work in Progress

After receiving nicknames like hub for shopping, tourism, trading and etc., Dubai will also become a home for the Seven Wonders of the World. That became known after it was announced that the work on the Falconcity of Wonders project will be resumed.

Although it was officially announced in 2005, the construction work on the project was rather slow and, until recently, even delayed. Like with many other developments in the area, one of the main reasons for the slowdown was the global financial crisis which first stroke in 2009. In addition, the isolated location of Falconcity of Wonders required the construction of roads that would connect it to the public infrastructure. The total cost of the project’s infrastructure works cost AED600 million or over $163 million.

Falconcity of Wonders is expected to be quite impressive. It will consist of replicas of all of the Seven Wonders of the World, like the Hanging Gardens of Babylon and the Egyptian pyramids. In addition, the development will include other iconic buildings and monuments among which are Taj Mahal, the Eiffel Tower, as well as the Leaning Tower of Pisa.

The cost of the project is still not announced. However, it will be part of entertainment complex Dubailand and it will take an area of around 40 million square feet. One of the most spectacular attractions in Falconcity of Winders is said to be the replica of Taj Mahal called Taj Arabia. The $1billion-worth project will have the potential of becoming a top wedding destination. It will cover an area of 2.3 million square feet and it will include a 5-star hotel with a total of 400 rooms. Also, it will be surrounded by greenery, a falling garden with water cascades, as well as Mughal gardens. Works on Taj Arabia are expected to start this month.

Even though, Falconcity of Wonders has not been active for a few years, over 350 of the villas in the projects Phase 1 are already constructed. Moreover, about half of them are even occupied. The hosing complex looks really pleasant and well maintained, although it lacks basic facilities as proper supermarket, pharmacy, healthcare center etc.

Phase 1 of the Falconcity consist of 3 types of villas in different styles, featuring from two to 5 bedrooms. The rent for 3 and four bedroom villas is in the range from 160,000 Dhs to 180,000 Dhs, which is pretty high considering the remote location and the lack of communal facilities. There is plenty of availability of all homes for rent and for sale from three types of villas.

Phase 2 of Falcon City is also in progress, but the houses are not yet completed and ready for occupation.

Both Phase 1 and Phase 2 may be interesting options to investors at present due to the flexible payment options. People from the developer’s office told DubaiChronicle.com that it is possible to move in the houses and sign an agreement for payment over a period of few years without obtaining mortgage, but securing monthly installment payments. Of course, such an opportunity should be carefully examined, as there is always a “small print”, but for people who can afford an amount of approximately 100,000 Dhs a month as an installment payment, it may be a an investment opportunity. The price for a 4 bedroom house now is around 3.4 Million, but it varies on the different types of properties.

Nevertheless, Falconcity of Wonders is not expected to be completed before 2020, according to market observers.