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Deyaar plans to develop mega residential project in IMPZ
- August 29, 2007, 6:25 pm
Reinforcing its status as a leading developer in Dubai’s vibrant real estate sector, Deyaar, today announced plans to develop an AED 2 billion mega residential project - its largest development to date - in the International Media Production Zone (IMPZ).
The project will be developed on a massive stretch of 40 plots that were recently acquired by Deyaar in a prominent location at IMPZ. Elaborating on the development, Zack Shahin, Chief Executive Officer, Deyaar, said, ‘The initiative is in line with Deyaar’s strategy to bolster its portfolio and widen its basket of residential offerings in order to cater to the surging demand from end users and investors. The project at IMPZ will be a landmark project, not only for Deyaar, but also within the real estate landscape in the region.’
Deyaar’s development at IMPZ will be sold in phases over the next few months. The project will be spread over 827,785 sq ft of land with a built up area (BUA) of 2.6 Million sq ft. Construction is expected to commence in the current year.
Highlighting the attractiveness of the project, John D’Cunha, Chief Operating Officer, Deyaar, said, ‘Over the years, Deyaar has secured the trust and confidence of homeowners and investors by consistently delivering quality projects on time that have provided excellent returns. The mega residential project planned at IMPZ is targeted at the value seeking market segment, bringing the benefits of Deyaar’s development expertise, IMPZ’s strategic location and the world class infrastructure planned by TECOM investments. ‘
Deyaar’s development will be located on the edge of IMPZ, on Emirates Road, adjoining Nakheel’s Jumeirah Golf Estates.
Commenting on the project, Hamad Al Huraiz, Executive Director IMPZ, said, ‘The project is a significant step forward in the development of IMPZ’s residential component. We are extremely pleased to secure the participation of Deyaar.’
IMPZ is set to emerge as one of the prominent media hubs globally. An initiative of the visionary Dubai government, and spearheaded by TECOM Investments, IMPZ aims to create a unique cluster environment for media production companies from across the industry value chain.
The project will offer buyers exclusive world-class amenities that will be woven into its exceptional design. In addition to this, other elements such as lush green landscape, dedicated club and state-of-the-art recreational and leisure facilities, will add to the lure of the project.
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