Sunday, Jan 29, 2012
DUBAI (Zawya Dow Jones)--Dubai-based real estate developer Deyaar Development (DEYAAR.DFM) said Sunday it will hand over four projects in 2012, comprising over 1,000 units, including three commercial projects in the Business Bay and one residential project in International Media Production Zone, or IMPZ, in Dubai.
The first project to be delivered in 2012 will be commercial tower Fifty One @ Business Bay in February, followed by Oakwood Residency located in IMPZ, in March. The other two commercial projects to be delivered in the second half of 2012, Deyaar said in a statement on the Dubai Financial Markets Web site.
Deyaar currently manages over 16,000 commercial and residential properties. Its operations are divided across property development, lease management, asset management, and fund management.
The company said 90% of the units were already sold, while the total sales value for all units was around 1.5 billion U.A.E dirhams ($408.4 million).
Deyaar swung to profit in the third quarter of 2011--notching up a net profit of AED580,000--compared to sizable losses in 2010.
Deyaar shares closed down 3% Sunday at AED0.216 in an overall negative market.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; tahani.karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
29-01-12 1055GMT
