Sunday, September 02, 2007

Deyaar to develop Dh.2bn landmark residential project at iMPZ

The real estate subsidiary of Dubai Islamic Bank, Deyaar, has revealed its plans to develop Dh.2 billion residential project in the International Media Production Zones (iMPZ). This will be the largest ever development of Deyaar to date.

Deyaar residential projectsThe project will cover a stretch of 40 plots, which were recently acquired by Deyaar in a prominent location at the iMPZ.

The Chief Executive of Deyaar, Zack Shahin, said that Deyaar has taken this initiative to widen its portfolio, particularly in the residential sector, so as to meet the increasing demand from investors and end-users. He expressed his confidence about the project at iMPZ and said that it will surely be a landmark project not only for Deyaar, but for the property landscape in the entire region.

Each phase of the development at iMPZ will be placed for sale, one after the other, during the next couple of months. The project will cover and area of 827,785 sq.ft., and a built-up area of 2.6 million square feet. Construction for the same is likely to begin this year.

The development will be located on the Emirates Road, along the edge of iMPZ, adjoining the Jumeirah Golf Estates.

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