Saturday, June 23, 2007

Deyaar launches Dh.400m Saphire Residence

The first phase of the Dh.400 million initiative at the Dubai Silicon Oasis, the 'Saphire Residence', was launched by Deyaar yesterday.

Saphire Residence serves the rising demand for new affordable residential offerings in Dubai. It offers ninety one, two and three bedroom apartments.

The Deyaar Chief Executive Officer, Zack Shahin said "The project will enjoy an integrated community setting in an area that is likely to experience considerable growth in the near future."

Saphire Residence, comprising eight storey, scheduled for completion in 2008, will be the first, among four other buildings, that Deyaar plans to launch in Dubai Silicon Oasis. The Oasis is a 7.2 Sq. mt., master-planned community at the Emirates Road.

The Dubai Islamic Bank will offer their finance scheme, wherein no due will be required to be paid before the end of the construction. The launch is closely followed by the sale of a number of residential and commercial projects of Deyaar at the Business Bay.

The net profit of Deyaar has risen from Dh.5m during 2003 to Dh. 73m in 2004, Dh.141m in 2005 and Dh.412m in 2006. Deyaar's recent share sale was also several times oversubscribed.

No comments: