1.27 PM Saturday, 13 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:39 05:55 12:22 15:50 18:44 20:00
13 April 2024

Azizi launches project on Palm, says Dubai market in a healthy phase

Royal Bay Residence has been designed with 45-degree orientation to allow all the living rooms, kitchen and bedrooms to get sea views (Supplied)

By Parag Deulgaonkar

UAE-based Azizi Developments has launched Royal Bay Residence, a collection of 90 fully-serviced residential apartments, crescent of Palm Jumeirah, stating the property market in Dubai was “healthy.”

Construction of the Dh350-million upscale project has already commenced and is expected to be completed by March 2017.

The new project, part of company’s Dh4.5 billion development plans to build thousands of apartments in Al Furjan project and Palm Jumeirah.

The project has been designed with 45-degree orientation to allow all the living rooms, kitchen and bedrooms to get sea views. Sizes range between 802 square feet to 1,638 square feet for the apartments, while prices start from Dh2.2 million to Dh4.5 million.

On offer for investors is a 20:80 payment plan, whereby buyers pay 80 per cent only upon handover.

"We have a different strategy. We prefer to start construction of our projects before the launch and sales process takes place. The construction of our boutique offering of Royal Bay Residence has already commenced,” said company CEO Farhad Azizi.

He added: “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.”

The company expect the project to offer returns on investment of up to 10 per cent.

In September 2015, an Azizi official had told Emirates 24/7 that they are building 17 projects (eight residential and nine hotel/serviced apartments) in Al Furjan, a master development close to the Expo 2020 venue.

On the hospitality front, the company plans to have over 1,000 rooms under management by 2020 including a major project worth Dh1.1-billion five-star hotel in Dubai Healthcare City phase 2 that will have 400 keys and eight restaurants.