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Wed 21 Sep 2016 06:24 PM

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UAE's Azizi launches new $68m residential project in Dubai

Azizi Developments says Azizi Shaista Residence will feature 284 units; set for completion in 2018

UAE's Azizi launches new $68m residential project in Dubai
Farhad Azizi, CEO of Azizi Developments.

UAE-based Azizi Developments has announced its plans for its newest project, Azizi Shaista Residence, in the Al Furjan neighbourhood in Dubai.

The property adds to Azizi Developments' portfolio of UAE-based projects valued at around AED7.3 billion, the developer said in a statement.

Azizi Shaista is due for completion in 2018, and is valued at AED250 million ($68.4 million). When complete, the 12-storey residence will house a total of 284 residential units - 137 studios, 124 one-bedroom apartments and 23 two-bedroom apartments, it added.

Farhad Azizi, CEO of Azizi Developments, said: "Our continuing investment in the Dubai property market clearly shows our faith in the economy and the favourable regulations set out by the government."

He said the development in Al Furjan will cater to mid-luxury buyers, and is in close proximity to Discovery Gardens, The Gardens, and Ibn Battuta Mall.

Azizi Shaista also includes amenities including an outdoor pool, spa, gymnasium, health club, round-the-clock reception and concierge, 24-hour valet parking service, a café and restaurant, and retail outlets.

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Simon 3 years ago

Given Azizi's current track record of 'on-time' delivery there is absolutely zero hope of this development being ready for 2018!

They should concentrate on what is already delayed before embarking on another round of 'deposit-taking'!

Telcoguy 3 years ago

I think grabbing fresh money makes more financial sense than spending money they probably do not have.
I am afraid Simon that their strategy is much, much smarter than what you are advising.

I wish i had thought of that myself.