2 days ago
Infracorp to break ground on $160mln Phase 3 of California Village project in Dubai in Q2
Bahrain-based infrastructure development company Infracorp will break ground on its 600 million UAE dirhams ($160 million) California Residences project, located in Dubai's Wadi Al Safa area, in the first quarter
California Residences is the third phase of the AED 1.2 billion ($327 million) California Village project.
Construction of the 370-unit project is scheduled to start in the third week of June 2025 with handover scheduled for the second quarter of 2028, company executives speaking on the sidelines of the sales launch event said.
Hamad Construction & Development, the contractor for the first two phases, will build California Residences, which will offer a mix of 1–3-bedroom units with starting prices in the range of $270,000–490,000 (AED 1 million to AED1.8 million), they confirmed.
The first and second phases comprising a total of 234 villas and townhouses are scheduled for handover in the fourth quarter of 2025.
California Village features 600 villas, townhouses, apartments and recreational and retail spaces, with a total built-up area of 1.2 million square feet.
Infracorp is financing the California Village project entirely through equity.
For fiscal year ended 31 December 2024, Infracorp reported a 20 percent year=on-year increase in net profit to $54.5 million. The company's assets under management increased by 12 percent to $1.85 billion. Infracorp manages a portfolio of nearly $3 billion in infrastructure assets, including a 250 million square feet land bank in the GCC, North Africa and South Asia. It currently has projects under development in Bahrain, UAE, Morocco, Tunisia and India.
(Reporting by Dennis Daniel; Editing by Anoop Menon)
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