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Sat 27 Feb 2016 12:59 AM

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Dubai's Azizi launch $95m luxury Palm Jumeirah project

Azizi Developments says construction of Royal Bay scheme has begun and is scheduled to be completed by March 2017

Dubai's Azizi launch $95m luxury Palm Jumeirah project

Dubai-based Azizi Developments has announced the launch of Royal Bay Residence, a collection of 90 fully serviced luxury residential apartments on the crescent of Palm Jumeirah, next to Anantara Hotel.

The new project is part of company’s AED4.5 billion development plan to build thousands of flats in Nakheel’s Al Furjan project and Palm Jumeirah.

Sizes of Royal Bay homes range between 802 sq ft to 1,638 sq ft while prices start at approximately AED2.2 million and go up to AED4.5 million, the company said in a statement.

It added that construction of the AED350 million ($95.2 million) project has already started and is expected to be completed by March 2017

“Azizi Developments has a different strategy. We prefer to start construction in our projects before the launch and sales process takes place, the construction of our boutique offering of Royal Bay Residence has already commenced and the response on the project is very positive," said Farhad Azizi, CEO Of Azizi Developments.

“We are in a very healthy phase of the property cycle, the next few months of market stabilisation and then economy is going to recover very fast by mid 2017 and these are good times for buyers to invest in a good location and good property to make a profit and capitalise on quick price appreciation," he added.

Azizi Developments, which is owned by the chairman Mirwais Azizi, owner of the second-largest commercial bank in Afghanistan, said it has witnessed around $217 million worth of sales in 2015 for its projects in Dubai.

Starting next month, Azizi is expected to deliver 8 projects at Al Furjan - Azizi Feiruz, Azizi Yasmine, Azizi Liatris, Azizi Ochide, Azizi Iris, Azizi Daisy, Azizi Tulip and Azizi Freesia during 2016.

The company also plans to develop hotel and hotel apartments on its plots in Al Furjan, Palm Jumeirah and Dubai Healthcare City.

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