Azizi Developments, a Dubai-based developer, will deliver eight new residential buildings in Al Furjan before end-2016.
The developer, which owns 24 plots in the master development, has commenced work on two new projects - Roy-Mediterranean and Montrell - comprising 493 serviced apartments in Al Furjan. Dubai-based Keilani Construction Company has been awarded a Dh200 million contract for the projects.
The Dh510 million worth projects, which are already under construction, will be delivered by the end of 2017.
Roy-Mediterranean will feature 271 units including 224 studios and 47 one bedroom apartments, while Montrell consists of 222 units (168 studios and 54 one bedroom units). The company plans to launch over 2,000 units of serviced residences by December.
"Over a few short years, we have has earned a reputation as a solution provider and a smart developer. We just don't build buildings, we take into account all the needs and wants of our clients and cater to them," says company CEO Farhad Azizi.
The company has adopted a strategy with emphasis on starting construction of the projects ahead of its launch and sales process takes place.
"We are in a very healthy phase of the property cycle, the next few months of market stabilisation and then economy is going to recover very fast by mid-2017 and these are good times for buyers to invest in a good location and good property to make a profit and capitalise on quick price appreciation," Azizi said.
The developer is currently working on Royal Bay Residence, a fully-serviced project, in Palm Jumeirah. The company registered sales of around Dh800 million in 2015, and plans to invest Dh1.8 billion in future projects in Dubai Healthcare City, Palm Jumeirah and Al Furjan.