Central Park goes on sale post-summer

Deyaar Development, Dubai-based developer, will officially launch and commence sale of residential apartments in the Dh4-billion Central Park project in Dubai International Financial Centre (DIFC) after summer, according to company's Chief Executive Officer.

“We are focusing on launching our DIFC project. We had never launched it officially and nothing has been sold. We plan to start selling after the summer,” Saeed Al Qatami said after opening the company’s new branch in Business Bay on Monday.

Central Park project is being developed jointly by Deyaar and Dubai Properties Group, the real estate arm of Dubai Holdings.

The project, which previously has been showcased at Cityscape Global, is 75 per cent complete with Deyaar having full funding facility from banks to complete the project.

Central Park is an integrated development, comprising over 877,000 square feet of commercial space and nearly 558,000 square feet of residential space, comprising 426 apartments.

Deyaar, which owns a huge undeveloped land bank in Business Bay, plans to launch two new projects in the master community by year-end.

"We will be announcing two projects there before the end of the year. One project that is completely funded is worth about Dh500 million, while we are finalizing the cost on the other.”

Deyaar Enclave reviewed

Deyaar also intends to revive its projects that have been put on hold after the global economic slowdown hit the Dubai real estate market.

“There are a number of project we have put on hold after the crisis and now we are going to start bringing those projects back,” Al Qatami said.

Among the projects under review is Deyaar Enclave in International Media Production Zone.

“We are still reviewing that project. We haven’t taken any decision on whether we should bring it into the market or not.”

When announced, the project consisted of nine residential buildings, offering a range of units including townhouses with separate swimming pools and landscaped garden; duplex flats with terraces; studios, one- and two-bedroom apartments.

 

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