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Deyaar’s hospitality excursion

While building a major development, Deyaar is also diversifying its portfolio

Image Credit: Supplied
The hospitality component of The Atria will be operated by Millennium & Copthorne
Property Weekly

While it has its hands full on its largest project, Midtown in Dubai Production City, Deyaar has also been busy expanding its hospitality portfolio, striking a deal with Millennium & Copthorne for a total of 1,000 keys.

The partnership will cover three of Deyaar’s projects, The Atria in Business Bay, Mont Rose, which comprises two residential towers and a hotel in Dubai Science Park, and a hotel and serviced apartment property in Al Barsha.

Although its new projects are exclusively with Millennium & Copthorne, the company says it plans to work with other operators in the future. “While we have nothing in the pipeline at present, we will keep our options open,” says Nasser Amer, Deyaar’s vice-president of sales.

Looking forward to the World Expo 2020, the developer is also focusing on other niche segments. “We aim to tap into the growing halal tourism market, which is expected to increase in volume by 50 per cent in the next five years,” says Amer. “Our focus is also on developing economically priced developments that address the needs of a wider range of market segments.”

At the recent Cityscape Global, hospitality was part of the main showcase of Deyaar. “Cityscape has consistently been a solid platform for us to demonstrate our expertise and diversified portfolio, and has always helped us introduce our value-added products and services,” says Amer.

The company has built a number of well-regarded properties across the real estate spectrum. It also has an award-winning facilities and property management team along with an owners’ association management division.

“We believe that a diversified portfolio is the key for sustainable growth and long-term value, both for our investors and our stakeholders,” says Amer. “The diversification of our portfolio takes into account what we consider to be our strengths, built on a foundation of more than 15 years of delivering quality properties.

“We have a deep understanding of customers’ needs and preferences and this has helped us diversify our business, keeping our customers, investors and stakeholders at the core of our initiatives and business plans.”

Summer offers

During the summer, the developer offered various “treats” to make purchasing property easier for buyers. It offered guaranteed returns on The Atria to investors. It also waived the Dubai Land Department registration fee and association fees and extended in-house payment plans for Midtown, Montrose, Ruby and Mayfair.

“Our 2017 summer campaign was focused on our residential properties, opening up opportunities to first-time buyers, as well as repeat investors. The Atria serviced apartments package remains unchanged; return on investment is guaranteed,” says Amer. “Customers have provided us with valuable responses with regards to our campaign, in which the offered flexible payment solutions in particular were highly appreciated.”

Development activity

Meanwhile the developer is busy tackling its largest project, Midtown in Dubai Production City, a 1.2-million-sq-ft master development containing six districts with 27 buildings combining for a total built-up area of around 5 million sq ft. Some of Midtown’s offering will stay in Deyaar’s leasing portfolio, others it will sell.

Residential districts will offer studio to three-bedroom apartments, styled to attract young families and there is one hospitality district. The first phase, comprising seven residential buildings with 659 apartments in the Afnan District, as well as the second phase, Dania District, are expected to be completed in 2019.

Dania comprises six residential buildings with 579 units, including a tower development created in conjunction with Aşçıoğlu, to fall under its Selenium brand, according to the Turkish developer.

“We are working together with our Turkish partner on creating a co-branded development within our Midtown project. The exclusive development will be located in the Dania District of Midtown,” says Amer.

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