Abyaar gets UAE private funding for projects

Abyaar Real Estate Development, a Kuwait-listed company, has got on board UAE investors who will part-fund its Olgana Tower and Hilliana Tower within the Acacia Avenue project in Al Sofouh area, Emirates 24|7 can reveal. "We have got on board UAE investors who are willing to fund our two projects - Olgana Tower and Hilliana Residences. We will be signing the deal in the next seven to 10 days," a company spokesperson said. "After we struck a deal for our Pier 8 project in Dubai Marina, a number of investors approached us for our projects which were put on hold. And since the banks are not eager to finance projects in Dubai, we have opted for striking private partnerships," he added. The 34-storey Olgana Tower features 139 apartments, consisting of 30 one-bedroom, 61 two-bedroom, 29 three-bedroom and 15 four-bedroom apartments, as well as five penthouse apartments. The 45-storey Hilliana Tower comprises 148 luxurious apartments, split into 30 studios, 36 one-bedroom, 60 two-bedroom, 6 three-bedroom, 6 four-bedroom apartments and 10 penthouses. "We have sold 60 per cent of the Olgana Tower. As for Hilliana Tower, sales have been less than 30 per cent. Now, we are looking to change the plan for this tower and convert at least half of it furnished apartments." In June, this website had reported that Abyaar sold 50 per cent of the Dh360-million Pier 8 project in Dubai Marina to an Emariti investor. The 40-storey Pier 8 in Dubai Marina includes 234 apartments, three townhouses and two penthouses. According to the spokesperson, the company has consolidated its investments in Meydan project and currently owns two plots instead of four in the master development. It continues to put on hold the 31-storey Ice Tower in Dubai Marina. Pier 24 in Dubai Marina comprising 152 hotel apartments has been delivered and is currently managed by Radisson Blu.