Gulf Construction Online - Azizi to invest $952m to develop 11,000 homes

Real Estate

Azizi to invest $952m to develop 11,000 homes

01 September 2020

Azizi Developments, a UAE private developer, plans to invest over Dh3.5 billion ($952 million) in the next two to three years to construct 45 buildings comprising over 11,000 homes in Dubai.

The projects include 14 and 22 buildings in Riviera Phase Three and Four respectively, three Avenue buildings in MBR City, two projects in Dubai Healthcare City (DHCC), and four projects in Al Furjan.

This announcement comes in light of it having sold over 80 per cent of its current ongoing projects and inventory, and projected demand surge, especially in MBR City, DHCC and Al Furjan.

The construction of the Al Furjan and DHCC projects, which will feature 645 and 973 units, respectively, Riviera’s Phase Three comprising approximately 3,700 units, Phase Four with around 5,400 units, and the 423 Avenue units, will commence by the year-end.

Azizi Developments’ CEO Farhad Azizi says: “Our launches are based on demand, which has been exceptional in MBR City, DHCC and Al Furjan. Our current stock across these locations is nearly sold out, which is why we are now planning further developments accordingly.

“The Dh3.5-billion spend will be spread out across several years, with more than 11,000 homes being developed,” he adds.

Meanwhile, the developer has broken ground on its Dh350-million Creek Views II, a key project on the shores of the iconic Dubai Creek in DHCC. Home to 587 families, it will comprise 116 studios, 436 one- and 35 two-bedroom apartments.

In terms of sales, Azizi Developments achieved the sale of 30 per cent of its recently released 700-plus retail units spread across its premium Dubai developments including MBR City, Palm Jumeirah, DHCC, Al Furjan, Studio City, Sports City and Downtown Jebel Ali.