Dubai Investments, a leading diversified investments conglomerate listed on the Dubai Financial Market, has signed an agreement to manage and market the 'The Palisades' project within Dubai Investments Park (DIP).

The Palisades, spread across an area of 20 million sq ft, is a residential development comprising 20 buildings with 1,450 apartments, 36 townhouses and eight luxury villas.

Groundbreaking work on the Palisades project has commenced, said a statement from the company.

Dubai Investments said it has formed a new entity - Palisades Development Company - for leasing, buying and selling of land in the project to prospective investors.

The infrastructure within the project, to be developed in phases, will be built at a cost of Dh600 million ($163 million).

Khalid Bin Kalban, the managing director and CEO, said Dubai Investments is looking forward to managing the sales and leasing of land within The Palisades through the new entity.

The company plans to position the project as a new genre in urban living and it will be a major value-addition to DIP.

The Palisades is expected to attract a lot of investors' interest considering the surge in demand for land and residential projects within DIP in view of its proximity to the Expo 2020 site and Dubai South, he noted.

Dubai Investments has a strong track record of managing and marketing real estate developments such as DIP as also residential projects for its real estate arm Dubai Investments Real Estate Company.-TradeArabia News Service