Deyaar Enclave sales begin

Deyaar Development yesterday launched the first phase of sales for Deyaar Enclave, its first mid-size residential community development, in the International Media Production Zone (IMPZ).

The development comprises nine residential buildings and a range of townhouses, duplex flats with terraces, one and two-bedroom apartments as well as studio flats with extensive landscape views.

"The move to develop larger, mixed-use communities provides the company with the required scale to maintain its growth trajectory in the longer term. The concept of Deyaar Enclave stems from our intention of going beyond just buildings, and delivering an enhanced way of life for our customers," said Markus Giebel, Chief Executive Officer of Deyaar.

"Our focus on building communities is a natural progression of our long-term objective to create greater value for our customers and investors. Over the past year, Deyaar has acquired a number of strategically located plots in several master-planned developments in Dubai and it will be our main focus to expand our presence across these community developments."

Deyaar Enclave was showcased during Cityscape 2008 and was unveiled by Deyaar Chairman Nasser bin Hassan Al Shaikh.

Giebel told Reuters during Cityscape that it was looking for international acquisitions, including in Egypt, Saudi Arabia and Turkey, but expansion might be slowed if liquidity is short. "We are looking at opportunities for an acquisition in countries such as Egypt, Saudi Arabia and Turkey, wherever it makes sense," he said.

Buyers in Deyaar Enclave can avail a wide range of financing options from many financial institutions, including Amlak and Dubai Islamic Bank. The IMPZ is a 43 million sq ft master-planned, mixed-use community situated close to Dubai Internet City and the upcoming Al Maktoum International Airport in Jebel Ali.

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