Deyaar, the fastest growing property player in the region, has announced the completion of sale of its latest commercial project, Metropolis.
Located in Dubai's premium Business Bay area, the AED 362-million (approx. €63 mln) Metropolis is set to be an expression of contemporary style and creativity. Deyaar is the single largest developer on Business Bay, besides also being UAE's largest property management company. The company has recently stepped up its acquisitions of plots, taking its total land bank to over AED 3 billion (approx. €530 million).
As one of Deyaar's premium projects, the Metropolis is unique in many ways. Its distinctive design and state-of-the-art facilities make it a favored center for business. Rising 22 floors, the development offers 318 office spaces and 2 duplex offices. The project is scheduled to be completed in mid-2008.
Commenting on the success of the project, Zack Shahin, Chief Executive Officer, Deyaar, said: "Deyaar's strategy of defining spaces to match customers' expectations has paid off handsomely. In fact, 80% of our sales are on repeat and referral basis. The speedy uptake of Metropolis is an indication of strong investor preference for a Deyaar project. Deyaar is due to soon announce some exciting new projects to meet the huge demand for its residential and commercial property."
The Metropolis tower, when completed, is expected to host some of the most esteemed names in business. The tower hosts a lobby of approximately 3,030 ft² and is 54 feet high with an expansive lounge of around 680 ft². A shopping arcade of around 8,500 ft² coupled with a coffee shop on the first floor facing the landscaped plaza, provides an ideal setting for modern business community.
Higher sales, supplemented by strategic initiatives, spurred a 192% growth in net profits at AED 412 million (approx. €73 mln) in 2006. Sales stood at AED 3.2 billion (approx. €570 mln) in 2006 as compared to AED 1.7 billion (approx. €310 mln) in the previous year. The record performance in 2006 has set the pace for Deyaar's fast track growth in the global real estate arena.
So far, Deyaar has launched 17 towers. Aside from these, the company is actively pursuing opportunities in high-potential markets including Saudi Arabia, India, Kazakhstan and Turkey. Meanwhile, some of Deyaar's projects in Lebanon and Turkey are nearing completion.