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Tue 17 Dec 2013 03:36 PM

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Dubai's Deyaar eyes Business Bay project handover

Developer says Fairview Residency will be handed over to investors in March 2014

Dubai's Deyaar eyes Business Bay project handover

Dubai-based Deyaar Development said on Tuesday that its Fairview Residency project in Business Bay is set for handover in March 2014.

The developer, one of the companies worst hit by Dubai's real estate market collapse in 2009-2010, said in a statement that the 18-storey residential project which features 172 units, has achieved 80 percent completion.

Fairview also offers a children's pool, podium-level garden swimming area, jacuzzis, a fitness centre, and steam rooms for men and women.

Deyaar launched the sales of a limited number of units, following the completion of 50 percent of construction work at Fairview Residency.

Saeed Al Qatami, CEO, Deyaar Development, said: "We are excited to bring Fairview Residency to investors and the public. The Deyaar team has taken meticulous care to follow a sustainable infrastructure plan on this project that has a premium location and integrates all the ingredients of urban upscale living."

He added: "Our engineers, architects and designers have invested considerable efforts in maintaining our vision. We are working to a set construction schedule and gearing up for the project's handover in early 2014."

Deyaar in October reported a big jump in its third-quarter net profit, on the back of renewed optimism in the emirate's real estate market.

The developer made a net profit of AED40.5m ($11 million) compared with AED5.1m in the corresponding period of 2012.

The company also registered total net profit of AED87.1m for the first nine months of 2013, a growth of 162 percent compared to the same period in 2012.

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