Victory Heights sells 70% of villas

Victory Heights Golf Residential and Development, a Dhs2.5bn ($681m) joint venture between Dubai Sports City and Bahrain-based investment bank Arcapita, has sold 70% of its 935 grand villas and townhouses each costing between Dhs3.5m and Dhs15m, reported Khaleej Times. Yasser Abdulla Al Raee, general manager of Victory Heights, said Dhs260m of the project financing came from equity and the rest from pre-sale revenues. A community set in and around the Ernie Els-designed 18-hole golf course, Victory Heights will be completed by end-2009.