Deyaar Development, a company based in the UAE, has started a $408 million luxury project in Dubai
Deyaar Development, a company based in the UAE, has started a $408 million luxury project in Dubai
Deyaar Development, a real estate company in the UAE, has announced a new luxury housing project called Park Five in Dubai. The project is worth $408.4 million (AED 1.5 billion), according to a regulatory report shared on Wednesday.
New development
- Park Five is a new residential community that focuses on wellness, community living, and affordability. It offers modern amenities and flexible payment plans to suit different buyers, according to a statement on the Dubai Financial Market (DFM).
- Located in Dubai Production City, Park Five is close to major shopping malls, restaurants, parks, golf courses, schools, and hospitals. It is near Sheikh Mohammed bin Zayed Road and Al Khail Road, just minutes from City Centre Me’aisem. Key locations like the Dubai Exhibition Centre, Al Maktoum International Airport, and the Expo 2020 site are also nearby.
- The project has been designed with sustainability in mind, featuring energy-efficient systems and designs that make the most of natural light.
- “Park Five aligns with Dubai’s goal of creating sustainable and innovative urban spaces to improve residents’ quality of life,” said Saeed Mohammed Al Qatami, CEO of Deyaar Development. Al Qatami is ranked 51st on Forbes Middle East’s 2024 list of Most Impactful Real Estate Leaders.
Park Five Highlights
Phase 1 of Park Five, planned for completion by summer 2027, will feature the Elm and Ember Towers. These buildings will offer a mix of one, two, and three-bedroom apartments, split evenly between the two towers.
The Elm and Ember Towers will include top-notch facilities such as yoga lawns, outdoor co-working areas, gyms, infinity pools, a rooftop garden, a shaded outdoor movie area, and play areas for children.
The project is designed to promote well-being with indoor-outdoor spaces. Other features include sports courts, rooftop sand volleyball courts, and resort-style lap pools with relaxing lounge spaces.
Stock Update
Deyaar Development’s share price went up by 2.1%, reaching $0.27 (AED 0.98) per share as of 9:36 am AST on Wednesday. This puts the company’s total market value at $1.1 billion (AED 4.2 billion).
Financial Results
Deyaar Development’s profit increased by 47% compared to last year, reaching around $94.9 million (AED 348.8 million) in the first nine months of 2024. During the same period, the company’s revenue grew by 11%, rising to $283.3 million (AED 1 billion) from $255.9 million (AED 939.8 million) the previous year.
Published: 27th November 2024
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