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Deyaar to finalise Midtown by 2020 at AED 3bn costs – CEO

Deyaar to finalise Midtown by 2020 at AED 3bn costs – CEO
Saeed Al-Qatami, CEO of Deyaar Development
Deyaar
DEYAAR
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By: Amr Adel

Dubai – Mubasher: Deyaar Development expects to complete the first stage of its Midtown project by September 2018, said CEO Saeed Al-Qatami at a company press conference held on Monday, adding that the entire project is slated for completion in 2020.

Total project costs range between AED 2.5-3 billion, he noted, adding that project financing are 70% by the company, while the remaining 30% will be carried out through bank loans.

Al-Qatami said he expects building and construction works to begin in Q4 this year, with sales to begin in the project’s Afnan District next week.

The new Midtown project targets medium income people and has competitive prices for that tranche, the CEO revealed at the press conference.

“The Afnan District includes seven residential developments ranging from G+6 to G+16 buildings comprising a total of 659 apartment units in varying sizes,” Deyaar revealed in a bourse filing on Monday, adding that unit spaces range between 425-2,033 square feet. The Afnan District is also the first stage in Deyaar’s Midtown project, which covers an area of 1.2 million square feet.

Project revenues from investment at current prices range between 11-12%, the CEO stated, adding that in the event of a correction in the real estate market, revenues will not fall below 7%.

 

Translated by: Nada Adel Sobhi