Iris to launch three new projects worth Dh5 billion

Iris, a Dubai-based property developer, will launch three new projects worth Dh5 billion this year, taking its property investment portfolio in the UAE to Dh7bn.

The company will add 270 apartments and 300 commercial units to its portfolio in Business Bay, Dubai Marina, Culture Village and Maritime City.

During the first half of the year, the company plans to unveil three new developments. The first project will be a Dh100 million residential project in Culture Village with a gross leasable area (GLA) of 47,000 square feet.

The second project will be a Dh600m commercial project in Business Bay, covering 278,000 sq ft of GLA. The third project will be a Dh2bn residential project in Dubai Maritime City, which will be developed on 800,000 sq ft of GLA.

Ashwin Sheth, Iris CEO, said.“We are keen to contribute to the existing and emerging investment potential around us. Our projects offer a healthy return on investment to our investors giving us an enviable reputation in the property sector.

“We are looked upon as a cutting-edge and quality developer of an array of landmark projects in India and with the launch of the Iris brand in the UAE we have been able to extend our reach rapidly across the broad spectrum of real estate and property developments in the UAE.”

Iris has a portfolio of projects such as Iris Bay, a commercial development in Business Bay; Iris Blue, a luxury residential project in Dubai Marina and the recently launched Iris Amber, another luxury residential development located in Culture Village.