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Dubai: Deyaar, a real estate subsidiary of the Dubai Islamic Bank, yesterday announced plans to develop a Dh2 billion residential project - its largest development to date - in the International Media Production Zone (iMPZ).
The project will be developed on a stretch of 40 plots that were recently acquired by Deyaar in a prominent location at the iMPZ.
Deyaar will list shares on the Dubai Financial Market next week.
Zack Shahin, Deyaar's chief executive, said: "The initiative is in line with Deyaar's strategy to bolster its portfolio and widen its basket of residential offerings in order to cater to the surging demand from end users and investors. The project at iMPZ will be a landmark project, not only for Deyaar, but also within the real estate landscape in the region."
Deyaar's development at iMPZ will be sold in phases over the next few months. The project will be spread over 827,785 sq ft of land with a built up area of 2.6 million sq ft. Construction is expected to commence in the current year.
John D'Cunha, chief operating officer, Deyaar, said: "Over the years, Deyaar has secured the trust and confidence of homeowners and investors by consistently delivering quality projects on time that have provided excellent returns. The mega residential project planned at IMPZ is targeted at the value seeking market segment, bringing the benefits of Deyaar's development expertise, iMPZ's strategic location and the world class infrastructure planned by Tecom investments. "
Deyaar's development will be located on the edge of iMPZ, on Emirates Road, adjoining Nakheel's Jumeirah Golf Estates.
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