Deyaar sets sights on mid-income market

Dubai - Deyaar Development launches Afnan District in its Midtown development at an expected cost between Dh2.5 billion and Dh3 billion.

Deyaar Development on Monday launched Afnan District in its Midtown development. Bookings would start next week, the developer said.
The project's total cost is expected to be between Dh2.5 billion and Dh3 billion. Deyaar will seek funding of 30 per cent of the total cost through bank financing, its chief executive officer (CEO) Saeed Al Qatami said at a Press conference in Dubai on Monday.
The developer launched 'Midtown by Deyaar' during last year's Cityscape Global.
Midtown, located at International Media Production Zone (IMPZ), will target mid-income clients as the developer tries to fill a gap in the market for more affordable housing. There will be a Metro station at a distance of around 1.5 kilometres in 2018, according to Deyaar.
"Pricing will be announced next week and it will be very affordable. The payment plan will be easy," Al Qatami said.
The developer will own half of the project's 2,500 units and lease them out, the CEO said. Afnan District will consist of seven districts, with one dedicated to the hospitality sector, he informed.
Midtown's first phase - Afnan District - will be completed by September 2018, while the company expects 90 per cent of the overall project to be completed by the end of 2020. The developer will award construction contracts in two months and work will begin by the end of 2015.
He added: "Afnan District is a residential area with a children's playground, retail spaces and a fitness centre all in close proximity for the convenience of residents. The neighbourhood is set to create a green and aesthetically pleasing community environment by incorporating 400,000 square feet of landscaped terrain."
Afnan District includes seven residential buildings ranging in size from seven to 17 storeys comprising 659 apartments. Divided into 132 studios, 374 one-bedroom apartments, 143 two-bedroom apartments, and 10 three-bedroom apartments, the units will range in size from 425 to 2,033 square feet.
Deyaar has appointed Hyder as lead consultant and U+A Architects as lead architect for Midtown.
Boasting an almost one-kilometre-long green concourse, Midtown by Deyaar will consist of 27 buildings that share a one-level podium covering retail, parking and essential services.
Situated in Dubai's growth corridor with direct access to Sheikh Mohammed bin Zayed Road, IMPZ is close to the Jebel Ali port and the Al Maktoum International Airport.
The community offers the added value of new infrastructure developments such as Dubai Metro connectivity and proximity to City Centre Me'aisem, a multi-utility mall.
- abdulbasit@khaleejtimes.com