A premium property development in Dubai will be completed next month and become a developer’s first fully finished project of 2009.
Deyaar Development said its Madison Residency tower was progressing well and would see keys handed to owners on May 16.
The firm has promised to push on with under-construction real estate schemes despite the region’s economic crisis and the completion could build confidence among UAE property buyers.
Madison Residency involves 312 homes, which includes 161 studio apartments and 52 one-bedroom and 99 two-bedroom homes off Sheikh Zayed Road in the emirate.
Markus Giebel, chief executive of Deyaar, said: “Positioned in one of Dubai’s most prestigious and sought-after locations, Madison Residency stands out for its close proximity to the key business hubs of Dubai and the world-class lifestyle it provides.”
Deyaar added the project was the first of seven real estate schemes which it expects to hand over in 2009.
Other schemes due to be finished include a number of new homes developments including the Coral Residence, Jade Residence, Sapphire Residence, and Ruby Residence, all located at technology park Dubai Silicon Oasis.
Real estate is still listed for sale at Madison Residency, costing AED 2.2 million ($598,932) for a two-bedroom apartment.
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It is giving assurance to the foreign investors.I think,this project completion is a positive step for development. Good Luck !