Deyaar still working on overseas expansion plan

Deyaar Development's overseas expansion plan for 2010 is still under consideration as it monitors potential opportunities, the company's CEO told Emirates Business.

"It is important to remember that unlike earlier, when you had to move quickly in order to optimise an investment opportunity, now you need to be more careful in your decision-making. The real estate sector is reshaping and we are constantly monitoring international markets in the wider region for potential opportunities and partnerships," Markus Giebel said.

He did not give names of potential countries under the company's scanner.

Last year, the Deyaar CEO had said the company will be focusing on the villa and affordable housing segments as it expands overseas.

"We will target villa development and affordable housing in our international expansion plan. We have to investigate 10 to 15 countries and then we can finalise the five right ones. The final selection will be made holistically and only if we have reports from these countries," he had said.

According to Giebel, the developer is committed to deliver more than six projects in 2010 and maintain its leasing portfolio at about 16,000 units. An earlier press statement said Hamilton Residency, a residential tower in Business Bay, will be delivered in the first quarter. This will be followed by the delivery of four projects in the third quarter, which include Mayfair Tower and Mayfair Residency, residential towers in Business Bay; Clayton Residency also in Business Bay; and Oakwood Residency in International Media Production Zone.

On Monday, this newspaper reported Deyaar had postponed closing of its Dh500 million distressed property fund to Q2.

Asked if the company was working on the Dh500m "global" distressed asset fund, Giebel said: "We have not launched it. The fund is something we are considering and we will not launch it until we close our first fund."

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