One of the biggest Dubai private developers, Azizi Developments is moving ahead with all of its ongoing projects. Read more to find how the company is going to cope with a mismatch between planned and actual deliveries.
Over the last six months, the local property market was speculative about big developers’ plans, including Azizi, and what changes they could bring to the whole real estate sector.
Thus, now, when talking of new launches many developers, including Azizi, have discussed and were almost ready to announce in the recent past, they say they would wait until market conditions turn more favourable.
“We have nine projects scheduled for delivery starting from December, and priorities in place for properties that are launched over projects still in the design phase or haven’t broken ground yet,” said Mirwais Azizi, chairman and founder of the company.
Azizi Developments had been the most active in terms of off-plan launches in the last two years, with projects such as the Riviera and Victoria in Mohammad Bin Rashid Al Maktoum City (MBR City), on-going projects on the Palm Jumeirah, Dubai Healthcare City, and Al Furjan.
Earlier this year, it also revealed plans for two mega skyscrapers on Shaikh Zayed Road, with one of them to be the second tallest (at 570 metres plus) after the Burj Khalifa. To have this AED4.5 billion and 570-metre plus high project, Azizi bought the plot from Meydan last year. And as for these skyscrapers further development plans, Farhad Azizi says they will have to be dictated by market forces.
“The level of intensity in the market is down, but I think there will be a lot of passion among developers coming back in 2019,” he added. “It will take time, but the market demand will return. For the twin-towers at Safa Park, a lot will depend on when’s the right time to build. The same for Entisar Tower — the concept work is done. Both are iconic locations and we are fortunate to have them. We will continue with the plans”, Farhad Azizi emphasized.
And concerning its plans for the residential project Aliyah at Healthcare City, the main purpose of its construction, Azizi said, is creating depth into the mainland of Dubai. Despite many critics’ skepticism, the developer sold a whole floor there in less than 30 minutes early after the project’s launch.
It is over the last three years, and particularly in the last year, that Azizi Developments acquired such a high-profile. This was built around two “mini-cities” — the Riviera and Victoria — that it announced for Mohammad Bin Rashid City. And the profile was consolidated, when news came out that it had acquired two plots on Shaikh Zayed Road, one of which would be for a twin-tower near Safa Park and the Dubai Canal.
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