Deyaar Development on Sunday revealed that construction at two of its residential projects in Dubai was 50% complete, while its upcoming hotel and serviced apartments project was slated for delivery at the end of the year.
The Afnan and Dania districts in Deyaar’s Midtown development are halfway through construction works, with over 87% of the units in both districts sold, the company said in a project update.
Located near several major destinations such the Dubai International Airport, Dubai Mall, Mall of the Emirates, and Al Maktoum International Airport, Midtown has a built-up area of 5.5 million square feet, including 27 buildings across six districts.
Deyaar described its Midtown project, which is also close to the Dubai Expo 2020 site, as being a “family-friendly community”.
The Dubai-based developer expects work on its Deyaar Millennium Hotel and Serviced Apartments project to be complete by the end of 2018, noting that the project will “tap into the increasing demand for hotel and serviced apartment accommodation in the area.”
With a total built up area of over 450,000 square feet, Deyaar Millennium will comprise 408 units, including 299 hotel rooms, of which 15 will be suites, Deyaar said in a statement to the Dubai Financial Market (DFM), adding that the units would also include 109 serviced apartments, which will be a mix of 93 one-bed and 16 two-bed apartments.
Commenting on construction progress, Deyaar Development CEO Saeed Al Qatami said that his company had seen strong performance this year with two of its flagship residential projects.
“Deyaar will continue to develop and deliver properties inline with the UAE’s wide-ranging community needs and preferences,” he added.
Since July, Deyaar’s delivery of its residential tower, The Atria, has been ongoing. The luxury mixed-use twin tower complex covering 1.4 million square feet was Deyaar’s foray into the hospitality sector. Construction has been completed at the project, which houses 219 units over 30 floors, including one to three-bedroom apartments, three-bedroom duplexes, and a four-bedroom penthouse.
Earlier in March, Deyaar had handed over its Mont Rose development residential towers, which are located in the Dubai Science Park.
“Mont Rose comprises three towers – one with hotel apartments, and two residential. Both residential towers feature 146 one-bedroom, 144 two-bedroom, and seven three-bedroom apartments. The hotel apartment tower has been designed to offer 126 studios, as well as 72 one-bedroom apartments,” Deyaar revealed.
Deyaar last reported a 2.6% year-on-year decline in profits to AED 65.2 million in the first six months of 2018, while its revenues slipped to AED 314 million.