Deyaar set to launch two new projects in 2013

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai real estate firm Deyaar will launch two new projects this year, its CEO said, as well as starting sales on another major development.

Saeed Al Qatami said that one of the new projects would be an AED500m ($136m) residential development in the emirate’s Business Bay district, which it was in the process of securing bank financing for.

Al Qatami did not give any details of the second project, but said that the developer currently had a land bank of approximately 1m sqft in Business Bay, located along Sheikh Zayed Road, Dubai’s main thoroughfare.

“We have a good land bank and we’re going to start with Business Bay again. It’s promising, and more and more development is coming here,” he told reporters.

Al Qatami added that Deyaar would also look to resume work on some of its projects that were halted during Dubai’s 2008 real estate crash, which saw property prices plummet by up to 65 percent. “There were a number of projects put on hold after the crisis and now we’re going to start bringing those projects back,” he said, without specifying which projects.

Deyaar, the second largest property firm on the Dubai Financial Market, will also launch sales of its Central Park residential project in Dubai International Finance Centre after summer. The development, a 50/50 joint venture with Dubai Properties Group, will contain more than 420 apartments.

“The plan is to start selling after the summer. It’s almost 75 percent completed. For the 25 percent we have full funding facility from the banks,” Al Qatami said.

Dubai’s property market has gradually recovered from its slump over the past year, with a report from Deutsche Bank noting that properties prices rose for the 16th straight month in March.

Emaar, the emirate’s biggest listed developer, has launched several major new projects already in 2013. The company is also one the master developers behind Mohammed Bin Rashid City, a huge mixed use project that will contain the world’s largest shopping mall and more than 100 hotels.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Not happy investor

I am still waiting my Burlington tower office. It supposed to be ready end of 2009.

Posted by: Sad Investor 2

From : Sad Investor 2. It is 5 1/2 years since we have invested in Deyyar, Damac & Rufi total amount of AED2.5m. Developers do not honour the Present Value of our investment while using and benefiting it, while we are paying rents. All we want is to get back our investment to purchase our family apartment and stop paying rents.
Developers behaviour since Sep 2008 in damaging the confidence , has thought us to forget any new investment in Dubai. Dear Ruler please kindly interfere with the matter and please don't let them to confiscate our paid investment but either to pay back or consolidate with the ready one.
It is 5 1/2 years that developers are benefiting our investments now it is our turn to benefit our own investments. This won't happen unless our Dear Ruler issues his valued instructions.

Posted by: a sad investor

Deyaar good for you to work on new projects , sell new offices at new prices . What will the govt do about projects like al attar skyscraper ,aci's shelved projects and so many more . Pls get them going , started , talked about and quick action to be taken . Thousands have lost their life long earnings ,Dear Ruler of Dubai pls help people who genuinely thought that this would be their final home for their families or an office where they would work . pls take action and give us our units in some other projects . We have given you our lives earnings , we have waited for last 7 years for al attar to make sky scraper and niki lauda by aci nothing came out . Like me many more have broken their retirement schemes pls do something .

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew