Deyaar is planning to handover 1300 units in seven projects during 2009. Four of them in Dubai Silicon Oasis, two in Business Bay, and one in the TECOM area. Deyaar's share price is still in the tank though, it gained 2% (about the same as the Dubai index) to AED 0.51 today with modest turnover.
Press Release 18 February 2009:
Deyaar to hand over seven projects in 2009
• Over 1,300 units at premier developments scheduled for delivery
• Company underscores commitment to customers amidst challenging conditions
Dubai: Further demonstrating its continued commitment to its customers, Deyaar Development PJSC (DEYAAR), one of the region’s fastest growing real estate companies, announced today that it will hand over seven projects in 2009, including premier developments in Dubai’s master planned communities. The handover will include over 1,300 units from across its diverse project portfolio.
The projects scheduled for delivery in 2009 include The Citadel, a state-of-the-art commercial tower, and Hamilton Residency, a contemporary residential tower. Both projects are located at Business Bay, strategically positioned in close proximity to most major destinations in the emirate. Madison Residency, a premium 27-storey residential project located at TECOM, is also scheduled for delivery in 2009.
The other residential projects to be handed over this year include the Coral Residence, Jade Residence, Sapphire Residence, and Ruby Residence, all located at Dubai Silicon Oasis, a commercial and residential master development conveniently located in New Dubai and marked by superior infrastructure quality.
Highlighting the company’s continued commitment to its customers and investors amidst challenges facing the real estate sector, Markus Giebel, Chief Executive of Deyaar, said: “Today, more than ever, Deyaar is focused on meeting its commitment to its customers and adapting to their evolving needs. This is demonstrated in our 2009 operational strategy, which was recently unveiled. Deyaar remains exceptionally well positioned to build on its current growth momentum and effectively use its balance sheet strength to help clients overcome short-term market constraints.
“Through the scheduled delivery of these projects, we make clear once again our commitment to meeting the needs of our clients through a comprehensive customer support strategy, which also includes an enhanced payment support programme and individual assistance for bank financing.”
Giebel added: “Located along the major growth corridors of Dubai, these projects are ideally situated in Dubai's most prestigious and sought-after locations. We are extremely pleased to be able to hand over these quality projects this year.”
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