Deyaar finishes tower in Business Bay

Deyaar Development has completed a 24-storey residential tower in Business Bay, one of its key markets, as it searches for a return to profitability.

About half of the 338 units have been sold in the project, Windsor Manor.

Deyaar, based in Dubai, expects to hand over five buildings by the end of the year in Business Bay, the master-planned commercial and residential development that promoters have compared to Tokyo's Ginza district.

The Dh30 billion (US$8.16bn) project was originally expected to include more than 200 towers but construction stalled in the wake of the downturn.

"I think it's commendable for any developer to finish a project" in Business Bay, said Billy Rautenbach, the managing director of the Property Store, a property agency.

Sales in Business Bay are "very slow" but there is steady leasing activity in the district, she said.

"They are not going for high prices but there is a lot of leasing going on," Ms Rautenbach said.

Deyaar started building Windsor Manor in 2007, shortly before the market collapsed.

Earlier this month, Deyaar announced a net loss of Dh145 million for the third quarter but said it "remains committed to its consolidation and project completion strategy", including its Business Bay projects.

Handover of apartments in Windsor Manor is expected to begin in the next few weeks, said Al Shafar General Contracting, which built the project.

business@thenational.ae