Deyaar Development yesterday announced plans for a 1.25 million square foot luxury hospitality and housing scheme.
Deyaar said that it would spend Dh900 million developing 350 serviced apartments and 219 apartments at The Atria project, a twin-tower scheme in Dubai’s Business Bay area.
The developer said it would start selling off-plan apartments in the scheme on Saturday and had appointed Middle East Foundation to start work on construction next week.
The international interior design company Yoo has been charged with designing the apartments, which will be its first foray into the Dubai market.
Yoo has worked with designers including Philippe Starck, Jade Jagger and Steve Leung to furnish luxury pads on 55 projects across 27 countries.
“This project will be a new village,” said John Hitchcox, the co-founder of Yoo.
Deyaar, which was initially formed as the property management arm of Dubai Islamic Bank then floated on the Dubai Financial Market, has developed homes and offices in the Business Bay area, which has taken longer to recover from the crisis than other parts of Dubai.
The company, which was hit hard by the downturn, announced in 2011 that it would switch its focus from property development to growing its property and facility management operation.
But in recent months Deyaar has indicated it plans to move its focus back towards developing hotel apartments in Dubai.
“Deyaar is back,” said Saeed Mohammed Al Qatami, the Deyaar chief executive. “We are the biggest developer in Business Bay and we are trying to add to this history.”
Deyaar’s decision is part of a wider move from developers in Business Bay to convert buildings in what was intended to be the largest office district in the Middle East initially into flats and hotels.
A rival Dubai-based developer, Damac, is converting thousands of square feet of its planned office towers into serviced apartments, and Emaar is also developing hundreds of new serviced apartments in the area.
Deyaar said that the scheme had been originally earmarked for offices but had been redesigned as flats and hotel apartments because of market conditions.
“The market has changed,” said Mr Al Qatami. “Most of Deyaar’s land bank was designed as offices but a lot has changed since then.”
This month Deyaar said that it had decided to develop up to 1 million square feet for hotel and serviced apartment projects in Dubai as it attempts to diversify its development portfolio beyond commercial and residential properties.
It said the new schemes would be located in areas such as Business Bay along Sheikh Zayed Road and sites located in proximity to the proposed venue for the Expo 2020 along Sheikh Mohammed bin Zayed road.
Deyaar also said that it was seeking to grow its hospitality portfolio, both organically and inorganically through acquisitions.
The company said it plans to allow foreigners to begin investing in its shares and to hold up to 25 per cent of its share capital.
lbarnard@thenational.ae
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Turkish Ladies
Various artists, Sony Music Turkey
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Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
J%20Street%20Polling%20Results
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PAKISTAN v SRI LANKA
Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore
Tickets are available at www.q-tickets.com
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
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KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
FIGHT%20CARD
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
Sweet%20Tooth
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The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
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Company%20Profile
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
