Gulf Construction Online - Azizi reports major sales success

Real Estate

Riviera in MBR City ... 54 per cent complete.

Azizi reports major sales success

01 February 2020

Azizi Developments, a leading private developer in the UAE, has sold a whopping 81 per cent of its inventory across its 54 ongoing projects in Dubai, as of the third quarter (Q3) of 2019.

This milestone adds to Azizi’s legacy, signifying a strong investor appetite for strategically located, well-connected, carefully designed and reasonably priced residences in Dubai’s high-growth corridors, says the company.

Projects such as Aliyah in Dubai Healthcare City and Plaza in Al Furjan have sold an average of 90 per cent of units prior to completion.

Azizi has sold over 12,000 units to a very diverse customer base comprising more than 100 nationalities. To date, Azizi has delivered 14 projects across Palm Jumeirah, Dubai Healthcare City and Al Furjan, valued at a total of over Dh2.5 billion ($680 million). In addition to its 54 ongoing projects that are to be delivered between 2020 and 2023, the developer also has an extensive, well-positioned land bank with optional extensions through its long-standing partnerships with key master developers.

Azizi has another 100+ projects in planning that are projected to be delivered between 2023 and 2025. Its portfolio comprises projects across MBR City, Palm Jumeirah, Dubai Healthcare City, Al Furjan, Studio City, Sports City and Downtown Jebel Ali.

Meanwhile, at Dubai Healthcare City, the company says that 35 per cent of the construction of Creek Views is now complete. The 100 per cent freehold development situated on the iconic Dubai Creek is a 19-storey development featuring 634 residences, comprising 396 studios, 218 one- and 20 two-bedroom units, as well as 33,341 sq ft of premium retail space.

Some 72 per cent of the structure and 10.5 per cent of the block work has been completed on the project, which is scheduled to be completed by the first quarter of 2021.

Among other developments, Azizi has invested upward of Dh88 million for the interior design transformation of its flagship community project, Riviera, in Dubai.

A stylish waterfront-lifestyle destination located in the heart of Mohammed bin Rashid (MBR) City, Riviera comprises 71 mid-rise buildings with over 16,000 residences.

Designed to introduce the French-Mediterranean lifestyle to Dubai, Riviera represents a new landmark, says a senior official.

In an effort to further heighten customer satisfaction, the developer surprised its customers by announcing that it will upgrade kitchen counter tops, cupboards, bathroom fittings, flooring and much more within all Riviera units at no additional cost to customers who have already purchased their units.

According to Azizi, Phase One of Riviera is now 54 per cent complete and the developer has sold 95 per cent of its residences in Phase One of Riviera, thus recording sales of over Dh2.14 billion ($582 million).

Phase One of Riviera comprises 3,589 residences in 18 towers consisting of 2,461 studios, 935 one-, 111 two- and 82 three-bedroom units, projected to be completed in 2020. Phase One has a total built-up area of 375,541 sq m and a total gross floor area of 180,854 sq m.