Azizi Developments says more than 200 units planned at Al Furjan project which was halted amid global financial crisis
Azizi Developments said on Sunday it has relaunched two residential projects in Dubai which were halted due to the global financial crisis six years ago.
Construction has resumed on Yasamine and Feirouz Residence in Al Furjan, a residential property development by Nakheel near the Palm in Jebel Ali, the company said in a statement.
Both residential towers, worth a total of AED250 million ($68 million), will include more than 200 1, 2 and 3 bed units and construction is slated to be completed by late 2015.
It is the latest in a line of stalled projects which have been resumed in Dubai to take advantage of the emirate's booming real estate market.
Azizi Developments, a subsidiary of Azizi Holding, said it also plans to develop another 18 plots comprises of residential and hotel apartments in Al Furjan and Palm Jumeirah.
Mohsen Kamel, CEO of Azizi Developments said: “We are delighted to announce that we are relaunching our projects, which are escrow compliant, in Dubai. The construction already been started on these two project and will be completed by the fourth quarter of 2015.
"Our decision to relaunch Al Furjan projects within the UAE is timely and apt, given the tremendous growth and equally potential returns any one person or organisation can gain from investing in this growing market.
"There was a delay in development projects during the economic downturn; however even during the recession time we ensured that financial investments in the properties made by customers were returned to them."
Mohsen added that the company plans to deliver more than 1,200 residential units and 1,600 hotel apartment rooms by 2020.