Al Mazaya Holding announced offering new residential plots for construction of 30 villas in The Villa which will be sold at a later date.
Al Mazaya had decided to preserve these plots as part of the company’s assets to be sold when the demand in the UAE real estate market rises.
The announcement came after the company completed and delivered all the residential units at The Villa in Dubai Land in 2010.
The step comes on the back of the recovery in Dubai real estate market following four years of cautious anticipation. Al Mazaya’s monitoring of the real estate market showed a rising demand for ready residential projects which provide a family friendly environment such as what “The Villa” offers to residents.
Al Mazaya Holding signed a contract worth Dh31 million with Metac General Contracting to build 30 residential villa. The plots are from 3,600 to 7,500 square meters and are expected to be delivered by end of 2012.
Speaking on the occasion of Al Mazaya Holding’s offering residential plots in The Villa, the company’s CEO Eng Naif Al Awadi said: “From the beginning of the instability we have been vigilant in the region’s real estate market; we decided to complete and deliver all the then ongoing projects on which we commenced construction before the global financial crisis hit. We intended, also, to suspend the launch of new projects until we can see the supply demand balance, the regulations and prices. We focused on completing the already commenced projects, including The Villa on Dubai Land, and reserved Al Mazaya’s assets in other parts of the Emirate with the aim to offer them for construction and sale on the right time”.
“The plots we are offering for construction today are among the assets that Al Mazaya retained. We have noticed a growing demand for projects situated in populated and vital areas such as The Villa, which enjoys a family atmosphere, a stylish living environment and natural beauty. We are keen to design innovative units that cater to various lifestyles with special attention to perfect execution and finishing”, he added.
“Al Mazaya has managed to restructure its projects and to agree with investors on the date of delivery, specifications of units and payment schedule. Al Mazaya has committed to a business plan for the previous period, therefore was able to introduce its business plans for the coming period and to launch new projects that meet the market demand for short term profit and speculation”, he added.
“We have a portfolio of projects in Dubai which we will be sequentially launched at the right time. The new villas project in The Villa is a step forward in this direction as real estate developers are not able to wait for loans and finance to move the market, but they can launch highly demanded projects that can be sold or rented to achieve a type of positive and objective movement in the market”, he said.