By Alex Delmar-Morgan
Company CEO says move is in line with strategy to diversify income streams.
on Monday said it planned to double the size of its property management portfolio over the next five years.
The UAE’s second largest real estate developer currently manages more than 16,000 commercial and residential properties in the emirates, with over 95 percent occupancy, the company said in a statement.
CEO Markus Giebel said: “Since the past year,
has been working with a long-term strategy of diversifying its income streams, and our planned expansion in property management is in line with this overall strategy.”
He added that the ‘fundamentals of the UAE real estate sector remain unshaken’.
The developer plans to close a AED500m ($136m) distressed property fund by the end of the year.
The fund will buy property from defaulting investors and rent the units out, providing cash-flow for the company as it attempts to ride out the downturn in Dubai.
Deyaar has to show the investors a level of trust by returning the money back to buyers who bought in Deyaar Park and not to keep the money two years with them with no solution . Deyaar is keeping our money and did not return it nor gave us a solution so on what basis can we trust the company CEO words unless there is a proof for such words.
I am a Deyaar Park investor, Deyaar offered me to get another property in Business Bay for the cancelled Deyaar Park project, I'm still debating wether to take this option or not. I understood from Deyaar that there is no refund for Deyaar Park project and only consolidation