Dubai Lifestyle City raises budget to Dh4 billion for luxury property project
Dubai Lifestyle City, ETA Star Group real estate development in Dubailand, has decided to increase the investment budget of luxury residential property project to almost Dh4 billion from the original Dh2.4 billion due to increased costs.
Raza Seddiqi, Executive Director, Dubai Lifestyle City, said, "We are realizing now that the cost escalation is opportunity cost. Contractors are marking up profits by 40 to 70 per cent. That is opportunity cost. This is why the budget has escalated".
The Dubai Lifestyle City is a massive real estate development spreading across 3 billion sq ft of area. The project consists of Italian-style villas, condominiums, duplex and penthouses that are fully-furnished and maintained by JW Marriott. The amenities at the project include 7-star hotel, sports centre and a luxurious health club.
