The Afnan and Dania districts at Deyaar Development’s Midtown development in Dubai have reached the halfway construction mark.
Both units’ sales in both districts – now at 50% completion – have also exceeded the 87% mark, the Dubai-based developer said in a statement.
With a built-up area of 51ha, the Midtown development comprises 27 buildings across six districts, all of which share a single-level podium covering retail, parking, and essential services.
Belhasa Engineering and Contracting Company is the main contractor for both districts, after winning a $163m (AED 600m) contract for the project last July.
The news comes six months after the developer handed over the residential towers of the Mont Rose development in Dubai Science Park, comprising three towers – one with hotel apartments, and two residential.
Deyaar’s handover of The Atria, its high profile 13ha mixed-use twin tower complex, has been ongoing since July this year and marks the group’s entry into the hospitality sector.
Speaking on the news, Saeed Al Qatami, chief executive officer of Deyaar, said: “This year with two of our flagship residential projects, the Mont Rose was delivered to the owners earlier this year, and we have recently initiated the handover process for The Atria.
“Deyaar will continue to develop and deliver properties in-line with the UAE’s wide-ranging community needs and preferences,” he added.
Looking ahead, work on the Deyaar Millennium Hotel and Serviced Apartments in Dubai’s Al Barsha is expected to wrap up by the end of 2018. With a total built-up area of more than 4.18ha, the hotel will have 408 units, including 299 hotel rooms, of which 15 will be suites, in addition to 109 serviced apartments.
The progress report come two months after the Dubai-based developer posted a 2.6% drop in H1 2018, compared to the first six months of 2017.
Revenues for the six months ending 30 June 2018 also dropped 0.7% drop in the same period, according to the group’s H1 2018 financials.