I'd be very sceptical, but happy to be put right. My understanding is that there is still no law in the UAE that allows foreign nationals to own land (mind you, there is no law that says you cannot either). All the talk and advertising of "freehold" is a clever marketing ploy. All that you can be offered is a three year renewable sponsorship (normally through the developer). But this hasn't put people off - many are just banking on the law changes coming in soon and before anything goes wrong. Get proper legal advice from a DXB lawyer before you sign anything.
As for the development itself, not heard of it, but then again there is so much going on here that isn't surprising.