Font Size

- Aa +

Fri 26 Jul 2019 10:10 AM

Font Size

- Aa +

Dubai's Deyaar says Midtown districts to be handed over by year-end

Deyaar Development says close to reaching completion of two districts within its Midtown community mega development

Dubai's Deyaar says Midtown districts to be handed over by year-end

Deyaar Development has announced that it is close to reaching completion of two districts within its Midtown community mega development in Dubai.

Afnan, which comprises seven buildings and a total of 659 apartments, is now over 96 percent complete, while Dania (six buildings and 579 apartments) has hit 87 percent completion, the developer said.

The community has a construction area of more than 5 million sq ft and is located in Dubai Production City.

The huge real estate project comprises a total of 26 buildings across six districts, including the Afnan and Dania Districts.
Deyaar said in a statement that both will be ready to be handed over later this year.

Saeed Al Qatami, CEO of Deyaar, said: “We have always been committed to providing high quality alongside competitive price points. As always, Deyaar is committed to delivering quality projects that meet our exacting standards, in terms of build, location, and return on investment. We are pleased with this continued progress.”

In a further construction update, Deyaar said Bella Rose, its 18-storey residential building which includes 478 units in Dubai Science Park, is currently at 28 percent completion.

In May, Deyaar reported AED18.3 million ($4.9 million) net profit for the first quarter, less than half the AED40 million posted in Q1 2018.

The developer announced revenues of AED175.8 million, slightly down on the AED176.5 million reported in the year-earlier period.

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.