One of the biggest real estate developers in the UAE has “underscored its commitment” to property buyers by announcing the handover of 1,300 units through this year.
Deyaar revealed it will oversee the exchange of seven projects in total, including some premier developments in Dubai’s master planned real estate communities.
Projects due for completion include The Citadel, a commercial tower, and Hamilton Residency, a residential property scheme, both of which are in Business Bay in Dubai (pictured).
In a statement Deyaar said the move “underscores commitment to customers amidst challenging conditions” and comes after some property schemes in Dubai faced severe delays due to the credit crunch.
Markus Giebel, chief executive of the firm, said Deyaar “remains exceptionally well positioned to build on its current growth momentum and effectively use its balance sheet strength to help clients overcome short-term market constraints”.
Other residential real estate schemes set to be handed over include the Coral Residence, Jade Residence, Sapphire Residence, and Ruby Residence, all located at Dubai Silicon Oasis.
Property at the Hamilton Residency scheme, a 174-apartment luxury project listed for completion by July, is still for sale off plan from AED 1,484,000 ($404,027).
The successful delivery of Deyaar’s property schemes comes after the Dubai authorities warned they would soon start a crack down on real estate developers who did not complete according to schedules.
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