Dubai-based Deyaar Development said Tuesday it would develop three new projects worth about $81.7 million (AED 300 million) in Al Furjan as the UAE’s real estate sector registered record-breaking growth.
The firm’s three projects will consist of residential units and hotel apartments and will include approximately 400 diverse units with one, two-and-three bedrooms, Deyaar said in a statement. The first project is Amalia Residences, and the remaining two will be announced next year.
Deyaar Vice President of Sales Nasser Amer said the project is part of its expansion plan. He added that flexible payment options would also be offered.
According to Deyaar CEO Saeed Mohammed Al Qatami, the new projects will add significant value to the area and bring unique housing options to Al Furjan. Amalia Residences, which will offer a variety of modern and spacious residential units suitable for families, will include a wide range of amenities for residents, including a swimming pool, a children's pool, a play area, and a gym.
Dubai Financial Market-listed Deyaar, majority-owned by the Dubai Islamic Bank, recorded a 196% surge in net profit in the first half of this year. It also posted a 24% increase in revenue during the period.
