Deyaar Development, the Dubai-based developer, has announced details of a strategic partnership with Asçioglu, a top Turkish real estate brand.
Under the deal, Asçioglu will introduce an exclusive tower in the Dania District of Deyaar’s $817 million Midtown mega project in Dubai to Turkish investors keen to invest in the UAE property market.
Dania District is the second phase to be constructed of the 1.2 million square feet Midtown development.
Comprising a built-up area exceeding five million square feet, Midtown is located in Dubai Production City, the growth corridor of the city, close to the Jebel Ali port, Expo 2020 and Al Maktoum International Airport.
The co-branded property, will be the first time Asçioglu’s property brand Selenium, has branched overseas, Deyaar said in a statement.
The Selenium portfolio includes many significant properties in Istanbul including the Selenium Twins Towers. The exclusive tower in Dania District will be customised to the needs and tastes of Turkish customers, the statement added.
The partnership was announced by Deyaar’s CEO Saeed Mohammed Al Qatami and chairman of Asçioglu, Yasar Asçioglu. It follows a memorandum of understanding signed by the two companies in June 2015.
Al-Qatami said: “We are confident that Midtown, which delivers ultimate levels of comfort and convenience in an urban community living space, will appeal to Turkish investors.”
Asçioglu added: “We set out with the objective of making ‘Selenium’ a world brand. After Istanbul, we chose Dubai, one of the world’s visionary entrepreneurial capitals. Thanks to Midtown by Deyaar, we have brought a prominent Turkish housing brand, Selenium, abroad for the first time”
This announcement follows a property roadshow held by Deyaar in Mumbai, India, earlier this month showcasing Deyaar projects to Indian investors.
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