Azizi Developments has made up its mind to gear up in terms of new development with new towers across Dubai despite the weak residential market.
The Dubai-based developer has decided to invest around Dh8 billion to Dh10 billion worth of new projects to commence this year that includes two-tower schemes at Dubai Studio City and Dubai Sports City. The company has been impressed with Meydan plots which, in its view, is bigger than all of their other things put together.
The developer owns 180 plots at Meydan One which was purchased between February and April this year. The 180 plots will be combined into 76 plots where a low or mid-rise apartment towers are planned to be built.
The apartment type will range from studio to three-bedroom apartment with a price range from Dh500,000 to Dh2 million. These plans will be executed in four phases beginning from the appointed contractor to deliver the first two under Dh1.7bn contracts.
“Meydan is larger than we had planned originally. We wanted to do maybe 50 projects this year – 50 different buildings. Then we approached Meydan and we noticed that they have a good location, untapped, close to Burj Khalifa, close to Sheikh Zayed Road. So we said ‘Let’s grab it.’,” says Farhad Azizi. Chief Executive, Azizi Developments.