Dubai-based Ellington Properties has signed a deal valued at AED150 million ($40.8 million) with entrepreneur Abdul Razeq Abdul Ahad to build a new residential tower in a central location in the emirate.
The agreement was signed by Ahad through property broker Déjà Vu Real Estate, a statement said.
Design and master-planning for the new residential tower will commence shortly, and more details will be announced in due course, it added.
Ahad said: “There is significant potential to develop the right real estate developments, which require the expertise of proven developers such as Ellington. Déjà Vu Real Estate recommended Ellington Properties for this significant investment in Dubai’s property sector based on its insightful understanding of the industry.”
Nitin Bhatnagar, co-founder of Ellington Properties, added: “This partnership is in line with our strategy of building up to 1,000 residential units annually... We are focused on expanding our portfolio through such strategic partnerships that enable us to deliver the right product offering at the right prices in the market.”
Ahid Shaikh Mohammed, chairman of Déjà Vu Real Estate, said: “A global entrepreneur, Abdul Razeq Abdul Ahad was seeking a trusted developer to invest in real estate development in Dubai. With its track-record of delivery, we see Ellington as a partner of choice for a milestone project.”
The new partnership by Ellington will further add to its growing portfolio of projects in Dubai. Ellington’s developments include the popular Belgravia II, handed over recently, and Belgravia Heights II, launched in June 2018 as well as Belgravia Square.
Wilton Terraces and Wilton Park Residences in MBR City (Meydan), and DT1, located in close proximity to Downtown Dubai and Business Bay, are other flagship developments by Ellington Properties.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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.