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* Dubai Sports City to offer 'Victory Heights' shortly

The leasing of the 800 "independent houses" comprising the Victory Heights component of Dubai Sports City (DSC) is expected to start within weeks, according to a top official with the development.

The Victory Heights project is an equal joint venture between DSC and Bahrain-headquartered First Islamic Investment Bank (FIIB).

Investors can obtain 99-year leases on the villas, with the proviso that it would be extended freehold status once the law permits it, the official added. Pricing of the units is being decided.

"We are looking at a minimum of 800 units and a maximum of 1,000 as part of Victory Heights, which will also include an 18-hole championship golf course, a golf academy, and a tennis academy," said U. Balasubramaniam, chief executive.

"Overall development costs will be in the range of Dh1.2-Dh1.3 billion, which will be totally funded by the two shareholders. This should be enough and we will also be getting the proceeds from the pre-launch leasing of the units.

"But we have kept a proviso that if additional financing is required it will be underwritten by HSBC."

The Victory Heights is being developed on a 25 million square foot spread, and will form an integral part of the DSC, which is a key element of the Dh20 billion Dubailand venture promoted by the Dubai Government.

Meanwhile, DSC is about to start selling plots for development of mixed-use high-rises. In all likelihood, this will be done in tandem with the villa plot sales.

This portion of DSC is being developed by the original promoters the Zarouni, Falaknaz and Bukhatir groups.

It will cover another 25 million square feet, and will also include four dedicated stadia, four hotels, a 1.5 million square foot shopping mall, schools and a medical clinic, among others.

"Our intention is to sell the plots to individual developers, and develop some on our own," said Balasubramaniam. "We are creating a brand new self-contained city, and it has already generated very much interest from prospective investors.

"Negotiations are also on with hotel chains to manage the four properties, which will include a boutique hotel and a high-rise."

The development of this portion of DSC is expected to entail investments of around Dh1 billion.

The promoters will put up between 55 per cent and 60 per cent of the financing, and local and regional banks are being sounded out for the debt component.

(Source: Gulf News)