The course, which has been undergoing modernisation work for over a decade, will get a new entrance and turnstile; a new hospitality suite and private boxes.
Work will also include the complete refurbishment of the grandstand as well as a raised decking area overlooking the parade ground.
During the first phase of redevelopment work - back in the early 90s - the course gained a new grandstand, with 14 corporate boxes, VIP hospitality suite, public bar and elevated viewing area.
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The Governor's Stand was added during further development in 1998 and the Weigh Room and Administration Complex was added in 2000.
Down Royal Manager, Mike Todd was delighted that the new proposals were given the go-ahead. He said: "This will enable us to upgrade our facilities to make them the best facilities on the island of Ireland.
"We will be completely refurbishing the grandstand, at a cost of £3 1/4 million, to enhance the spectators experience, and constructing a decking area, which will overlook the parade ground.
"We are also building a new entrance and turnstile, as well as a new hospitality suite and private boxes."
"The whole project will be finished to a very high standard and I would like the project completed for the Specsavers Derby in June 2009," he said.
(VB/JM)
