Monday, July 24, 2017

Belhasa wins $163m Dubai community project deal

Deyaar Development, one of the UAE’s leading real estate companies, has awarded a Dh600 million ($163.3 million) contract to Belhasa Engineering and Contracting Company for its Afnan and Dania districts at Midtown project in Dubai.

Located near Sheikh Mohammed Bin Zayed Road, the Midtown is an integrated urban community in Dubai Production City. The development boasts 27 buildings with a built-up area of almost five million sq ft, offering studios, one-, two- and three-bedroom apartments, said a statement from the company.

In Midtown, the first two phases have been launched. The Afnan district features 659 apartments, while Dania District has 579 apartments.

The contract between Deyaar and Belhasa to build 1,238 units will last for 29 months from the signing date, with the superstructure in Afnan and Dania districts expected to be completed by December 2018, with the aim to reach 15 to 20 per cent completion by the end of this year, it added.

Deyaar Development CEO Saeed Mohammed Al Qatami said: "Belhasa has a proven track record of delivering quality, premium properties, making them the ideal partner for the next phase of Midtown’s Afnan and Dania districts."

"Midtown is proving to be a popular development with over 70 per cent of properties already purchased off-plan, and we are eager to deliver in good time," he stated.

Majed Belhasa, the managing director of Belhasa Engineering and Contracting Company, said: "We are keen to take on projects that are unique and add value to Dubai’s communities, and Deyaar’s Midtown development fits that bill."

"We are pleased to be working with Deyaar on this project, which represents a previously underserved residential sector," he added.-TradeArabia News Service

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