Dubai Investments Park Angola (DIP Angola) announced on Wednesday the commencement of construction on a large-scale residential development by the Reportage Group, a project valued at $500 million that encompasses two gated communities.

DIP Angola, which describes itself as the country's first fully integrated economic zone, said the groundbreaking at Barra do Dande, in Angola's Bengo province, represents a significant milestone for the development.

The $500 million investment will be built across approximately 100 hectares and will include two gated residential communities featuring a 60-room boutique hotel, more than 4,000 luxury homes, and commercial zones.

In a statement, DIP Angola said the project will be delivered in phases, with the first handovers scheduled for the fourth quarter of 2029 and full completion targeted for the fourth quarter of 2030.

Omar Al Mesmar, president of Dubai Investments International Angola, said the start of construction on the Reportage Group development marks an important step for DIP Angola and reflects the progress being made toward the company's broader vision.

Andrea Nucera, director-general of the Reportage Group, said the construction launch is a key milestone in moving the project to its next phase, adding that the development is designed to meet growing demand for quality housing in Angola.