Ellington Properties signs Dh150m deal with Déjà Vu Real Estate
Ellington Properties has signed a deal valued at Dh150 million with entrepreneur Abdul Razeq Abdul Ahad, through Déjà Vu Real Estate, to build a new residential tower in Dubai.
The agreement was signed by Abdul Razeq Abdul Ahad with Joseph Thomas, managing director, and Nitin Bhatnagar, co-founder of Ellington Properties, in the presence of Ahid Shaikh Mohammed, chairman of Déjà Vu Real Estate. Design and master-planning for the new residential tower will commence shortly, and more details will be announced in due course.
Abdul Razeq Abdul Ahad said: "There is significant potential to develop the right real estate developments, which require the expertise of proven developers such as Ellington. Déjà Vu Real Estate recommended Ellington Properties for this significant investment in Dubai's property sector based on its insightful understanding of the industry. We trust Ellington's competencies in building design-centered homes for the new generation that will secure strong returns."
Nitin Bhatnagar said: "This agreement further underlines the trust of investors and leading property management companies such as Déjà Vu Real Estate in our ability to develop and deliver exceptional lifestyle environments that create added value for all stakeholders. This partnership is in line with our strategy of building up to 1,000 residential units annually, which will meet the aspirations of customers, who value the distinctive Ellington proposition. We are focused on expanding our portfolio through such strategic partnerships that enable us to deliver the right product offering at the right prices in the market."
The new partnership by Ellington will further add to its growing portfolio of projects in Dubai. Ellington's developments include the popular Belgravia II, handed over recently; and Belgravia Heights II, launched in June 2018 as well as Belgravia Square. Wilton Terraces and Wilton Park Residences in MBR City (Meydan), and DT1, located in close proximity to Downtown Dubai and Business Bay, are other flagship developments by Ellington Properties - all assuring strong return on investment and a vibrant lifestyle for residents.