Azizi completes $95.3m Azizi Royal Bay on Dubai’s Palm Jumeirah

Azizi completes $95.3m Azizi Royal Bay on Dubai’s Palm Jumeirah
Located on Dubai’s Palm Jumeirah, the $95.3m Azizi Royal Bay project was completed in 22 months.
Published: 13 August 2017 - 1:38 a.m.
By: James Morgan

Azizi Developments has announced the completion and delivery of its Azizi Royal Bay project, which is located on Dubai’s Palm Jumeirah.

The sixth project to be delivered by the UAE-headquartered developer, the $95.3m (AED350m) luxury residential property was completed within a 22-month timeframe.

Azizi Royal Bay comprises 90 serviced apartments, including 58 one-bedroom units, 30 two-bedroom units, and two three-bedroom penthouses. Apartment sizes range from 74.5m2to 152.2m2, with unit prices from $599,000 (AED2.2m) to $1.2m (AED4.5m).

Angled at 45° to offer views of Dubai’s skyline, Atlantis, The Palm, and the Arabian Gulf, the apartments also boast direct access to a private beach.

Farhad Azizi, chief executive officer of Azizi Developments, said: “We are very excited to hand over yet another project in Dubai, and this reflects our capabilities to deliver our properties on time.

“The remainder of the year will see us delivering more projects. Construction work is underway [for] a number of our projects across prime locations in Dubai and, in the run up to Expo 2020, the next few years are a critical period for us.“

Commenting on the strategic advantages offered by the development of serviced apartments, Azizi added: “Serviced residences are an important part of the real estate landscape in Dubai as they supplement the demand for space.

“With Dubai’s emergence as a regional hub for business, tourism, and world-class events such as Expo 2020, we are confident that the demand for international-level serviced apartments will only grow in the future.”

So far in 2017, Azizi Developments has handed over approximately 1,000 units in Dubai. The company expects to hand over an additional five projects before the end of the year, and 80 developments by 2020, including its $3.26bn (AED12bn) Azizi Riviera community in Meydan One.

Azizi Developments’ current portfolio includes more than 100 projects across Dubai.

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