Dubai – Mubasher: Dubai Investments on Sunday announced construction work at its AED 3 billion project Mirdif Hills was 50% complete.

Project construction is moving according to plan with Janayen Avenue reaching 54% completion, while Nasayem Avenue and Multaqa Avenue were completed by 50% and 12%, respectively.

Mirdif Hills is spread across 1 million square feet of land and 4 million square feet of built-up area.

“The project features a four-star hotel by Millennium Hotels & Resorts with 116 rooms, 128 serviced apartments, retail units, a 230-bed hospital, and around 1,500 apartments comprising a mix of studio, one-, two-, and three-bedroom apartments and duplexes,” Dubai Investments said in a bourse statement.

Mirdif Hills is being developed by Dubai Investments’ subsidiary, Dubai Investments Real Estate Company (DIRC).

The company further noted that its three-avenue project had a strategic location as it overlooked Dubai’s Mushrif Park, was in close proximity to the Dubai International Airport, leading business districts, and shopping malls.

DIRC general manager Obaid Mohammed Al Salami said he was pleased with Mirdif Hills’ progress especially as the company continued to adhere “to the highest quality standards our residents and investors can expect.”

Sales for the Nasayem Avenue have already commenced earlier this year, according to Dubai Investments, which noted that the project offered a combination of one, two- and three-bedroom apartments as well as three- and four-bedroom duplexes.

“Mirdif Hills offers flexible payment plans at special price points for buyers, with the price of a one-bedroom unit at the development starting at AED 999,000,” Dubai Investments concluded.

Dubai Investments last reported a 32.4% year-on-year decline in net profits to AED 129.1 million in the second quarter of 2018 from AED 190.9 million, while the first six months of 2018, the firm logged AED 491 million in profits, up 2% from AED 479.9 million in H1-17.

In February, the Dubai-listed investment firm said construction at Mirdif Hills was 30% complete.

Dubai Investments stock closed Thursday down 1.05% to AED 1.88.