Deyaar awards new contracts at Midtown worth Dh370m

The Midtown development comprises six districts spanning 24 buildings, across a built-up area of almost five million square feet
The Midtown development comprises six districts spanning 24 buildings, across a built-up area of almost five million square feet

Dubai - Investors can avail the Deyaar Flexi Program that requires an initial payment of 10% and offers multiple settlement plan options



by

Rohma Sadaqat

Published: Mon 23 Nov 2020, 6:13 PM

Deyaar Development on Monday announced the start of construction on the third and fourth phase within its Midtown community, with contracts valued at Dh370 million having been awarded to the primary contractor, Gammon & Billimoria, for the project.

Phase three named ‘Noor District’, is now open for sale. Buyers can avail the Deyaar Flexi Program that requires an initial payment of 10 per cent and offers multiple settlement plan options extending for up to 10 years. Once complete in Q4, 2022 Noor district is set to offer seven buildings with studios, one, two, and three-bedroom apartments, and a host of retail and F&B options and other amenities. Phase three and four will add more than 32,000 square feet of retail space to the development.

“After the successful delivery of the first two phases, we believe this is the right time to start construction on the new districts,” said Saeed Al Qatami, CEO of Deyaar Development. “We have received excellent responses and we look forward to completing yet another top-notch development under our flagship Midtown development as we continue to deliver value to Dubai’s residents and business sector. We designed Midtown to not only provide residents with an ideal home but to ensure that they could enjoy community living with all the basic amenities close to them.”

Nasser Amer, VP of Sales told Khaleej Times that, to date, the company has completed and delivered two districts – Afnan and Dania – which is 50 per cent of the Midtown development. Afnan and Dania constitutes a total of 13 buildings with more than 1,200 apartments. “Our entire focus has been on community living and I believe the unique selling point of Midtown is that the development offers an affordable residential opportunity for families who are looking for a safe and secure closed community, with amenities offered only in high-end residential developments. The new development encourages residents to follow a healthy lifestyle with public arenas, swimming pools and sport facilities.”

“Such a community experience has been hard to find in the UAE within our price range, which our customers recognise and appreciate,” he added. “The current pandemic experience has reviled the community living as a necessity rather than a luxury. That in mind, coupled with the positive feedback we are receiving from the residents, I believe our Midtown development strategy and approach has proven to be successful.”

Looking ahead, he said that the UAE’s real estate market has shown resilience over the years. “Our nation is a global hub, enabled by transport infrastructure, safety, stability, modern facilities, and strategic location at the crossroads of international trade and tourism. Although this year has posed great challenges due to the pandemic, I believe the overall level of consumer confidence is regaining traction.”

According to JLL, the first quarter of the year, Dubai real estate sales transactions grew by 9.74 per cent when compared to the same time period in Q1 2019. Moreover, the residential sector recorded an increase in construction activity with around 12,000 units handed over in Dubai. Amer noted that these figures are encouraging and show that the real estate market is well on its way to recovery.

Located in the up-and-coming neighborhood of Dubai Production City near Sheikh Mohammed Bin Zayed Road, the Midtown development comprises six districts spanning 24 buildings, across a built-up area of almost five million square feet. With more than 2,000 units, the development ranges from studios to three-bedroom apartments, offering a multitude of amenities designed to prioritise community living in a family-friendly environment.

rohma@khaleejtimes.com


More news from Property