The first phase of the Dubai Investments Park has opened.

Almost fully leased, this first phase covers 12 per cent of the total site area and cost Dh120 million ($32.7 million). It has attracted 45 local and foreign investors involved in a wide variety of areas, according to reports.

A total of 871,411 sq m of land has been leased in Phase 1 for residential projects including the Green Community, which is being developed by Property Investments. This residential community will have more than 700 single-family homes, townhouses and apartments supported by related facilities.

Dubai Investments chairman Anis Al Jallaf said the Dh45 million second phase of the park would be completed by the end of this year. The third phase, which will start later, will focus on the development of land for industrial projects while Phase 4 will focus on commercial and residential projects.

Al Jallaf expects the investment at Dubai Investments Park to increase to Dh3 billion by 2005.

Dubai Investments Park, which covers an area of 3,200 hectares, is a mixed-use industrial, business, residential and recreational development offering investors pre-serviced sites, world-class infrastructure, high-tech facilities and services. A long-term lease option of up to 99 years is available for industrial, commercial and residential projects.

The park is being developed, managed and operated by Dubai Investments Park Development Company (DIPDC), a wholly owned subsidiary of Dubai Investments.