Dubai property developer Deyaar plans to start property sales for the first stage of its USD 820 m plus Midtown project in Dubai.
Midtown is going to be the first realty project by local developers presented after the summer lull in Dubai property market. Project’s first phase is called ‘Afnan District’. It will include seven residential buildings located in the International Media Production Zone off Shaikh Mohammad Bin Zayed Road. It also boasts a prime location within a 10-minute drive from the Al Maktoum international airport and Expo 2020 site.
Midtown units price official confirmation haven’t yet been received, but the minimum price for Midtown apartments would probably amount to USD 272 per square foot. This price is considered the most attractive for end buyers in Dubai’s real estate off-plan market. The developer confirmed that different payment schemes will be available to the customers, including the opportunity to pay the bigger part of the apartment cost after handover.
Midtown project will have six construction stages. Hospitality facilities and commercial realty is planned to be constructed here in addition to residential property. “In the last 10-12 months, we have been working with all the project and design consultants on the best way to do things for Midtown. We are now ready to go ahead with it.” Saeed Al Qatami, CEO of Deyaar, said (The CEO declined to go into the specifics of funding the expected Dh3 billion plus development bill.)
Construction will start in the 2015 fourth quarter, and the handover is planned for 2020.
Deyaar plans to sell only part of the real estate units in Midtown; the rest of homes and commercial premises will be leased. “For our future projects, we could consider an equal split between sales and leased properties. And even a 30:70 split, with 30 per cent for sales. This way, two or three years down the road, we can have better ratios on our financials.”