Deyaar working on four projects worth Dhs2.7b

14/03/2017 08:20 AST

Deyaar Development is currently working on developing 4 projects in the residential and hospitality sector for a total cost of up to Dhs2.7 billion, said Saeed Al Qatami, CEO, adding that two of these projects, Mont Rose and Atria, are expected to be handed over by the year end.

Al Qatami pointed that the company is currently working on the engineering designs of 3 new projects in Business Bay, Dubai Silicon Oasis and Dubai South which would add 5.7 million square feet of build-up area to the company's balance of achievements.

During a media tour of Deyaar's projects under construction, Al Qatami said the company's sales stood at around Dhs1 billion in 2016 as 90 per cent of Mont Rose project, 95 per cent of the residential building at Atria and 35 per cent at the hotel part of Atria had been sold.

The company is currently running 18,000 residential, commercial and hotel units, of which the company owns 1,000 units while the rest is owned by other owners and investors, he said, adding that the company would enhance the performance of its hospitality portfolio with 966 keys after its hotel projects under construction are completed by the end of 2018.

The company received many requests from investment entities and individuals showing interest in concluding strategic partnership agreements, he said, adding that the company recently signed a memorandum of understanding with Dubai South to develop new projects on a 1.4 million square foot area, which would add 2.7 million square feet of build-up area to the local market.

Over the past few years Deyaar Development launched the construction work for the Mont Rose project in Al Barsha South and The Atria project in the Business Bay. The two projects feature residential apartments and hotel suites and will contribute to meeting the increasing demand for high quality residential and hotel projects in Dubai.

The 850,000-square-foot Mont Rose project consists of two residential towers and another for hotel apartments.

The Gulf Today