Emaar Properties has launched work on its latest project, the Emirates Lakes, a new multinational residential community situated next to its successful luxury golf course estate, Emirates Hills.

The 113-hectare lakeside estate has been master-planned to international standards incorporating low-rise architecture throughout.

Work is already under way on the Dh150 million ($40.5 million) Phase One which includes 225 single-family villas in four neighbourhoods. Display homes of 230-270 sq m are currently being built and are scheduled for completion by mid-year. Renting will begin immediately with occupancy starting in late 2000.

The whole project is reported to cost Dh1.2 billion. The time schedule for the full project is five to eight years.

"As a property developer, Emaar has identified a need for a planned community that is targeted at a range of income brackets and appeals to Dubai's cosmopolitan population," says Mohamed Ali Alabbar, chairman.

"With Emirates Lakes, we plan to exceed expectations with a distinctive living environment that provides high standards of design in surroundings that include lakes, parks and even an island bird sanctuary," Alabbar says.

"A full accommodation range, including villas, townhouses and apartments will be competitively priced, situated in a community that offers a full range of facilities and infrastructure, from shopping centres and cafes, to barbecue areas and sports grounds," he adds.

The First Phase will have 20 per cent detached homes, another 20 per cent row villas and 60 per cent of two and three-bedroom apartments.

Rents will vary from Dh110,000-120,000 for detached villas, Dh85,000 to Dh90,000 for row villas and Dh55,000 for two-bedroom apartments, according to a report.

Alabbar says: "Emirates Lakes villas will be on the market by the end of the year. While Phase One concentrates on villas, the estate is all-encompassing and can, in fact, be adapted in future phases to the needs of tenants like multinational companies who rent on a large scale."

Situated between the golf courses of Emirates Golf Club and Emirates Hills, the new estate shares a gated entry with Emaar's other premier residential estate. Designed around a central lake with an island reservation for the emirate's indigenous flamingo and migrant bird populations, each neighbourhood comprises 50-100 villas with its own village green and community facilities.

Emirates Lakes' range of accommodation will be serviced by on-site 24-hour maintenance. With proximity to Dubai's new Internet City, the estate will be wired for 'smart home' technology as well as Internet services, central satellite and 'cinema on demand'.

"The location of the new estate is key for its targeted international population. Situated in Dubai's dynamic growth region, Emirates Lakes is close to the Jebel Ali Free Zone and Emaar's upcoming Westside Marina project, while still being a short distance from Dubai city and airport. Central to the Jumeirah areas' wealth of leisure facilities and five-star hotel properties, Emirates Lakes is within practical reach of schools, universities, hospital and major shopping centres," says Alabbar.

Meanwhile, the Dh500 million ($136.16 million) first phase work on Emaar's other premier residential estate, the Emirates Hills, was completed last October.

Phase One covers an area of 3.7 million sq m, including an 18-hole golf course over 20 lakes and up to 500 villas on land ranging in size from 15,300 sq ft to 60,000 sq ft as well as full infrastructure and ground preparation, road surfacing and landscape.

The second phase of the project is expected to be completed by the end of 2000 at a total cost of around Dh1.4 billion ($381.26 million).

Emirates Hills comprises more than 20 sq km of development containing three golf courses, both freehold and leased residential plots and constructed villas.

Emaar Properties is a publicly-held company with a capitalisation of $1.4 billion.

Its Gold and Diamond park is expected to be completed in a month's time. This project is a complex for manufacturing and processing of gold and jewellery.

When completed, Emaar's Westside Marina will be a city covering 53 million sq ft, housing a community of more than 100,000 residents. It will have a commercial district, parks, cafes and restaurants, hotels and shops and a range of recreational facilities.