AED 450 million tower at IMPZ sold out on opening day

Dubai, May 5, 2008: Deyaar Development PJSC, the region's fastest growing real estate company, announced today the complete sell out of Oakwood Residency, its AED 450 million residential tower that was launched on Monday, May 5, 2008, at the International Media Production Zone (IMPZ). All 344 units in the 18-storey tower were sold before the close of the day.

The project launch was attended by a large number of customers eager to purchase a property within Deyaar's latest real estate undertaking.

Saeed Al Qatami, Deyaar's Managing Director - UAE Business, said: "The swift sell out of our newest residential tower, Oakwood Residency, reflects the ongoing high level of investor confidence in Deyaar's projects."

 "We are very pleased with this substantial endorsement by our customers, who clearly demonstrated their trust in Deyaar's product offerings," he added. "The project's rapid sale is a genuine vote of confidence by our clients, and a testament to their strong belief in Deyaar's transparent pricing, on-time delivery and attention to detail."

"2008 will witness the launch of a number of exciting Deyaar real estate ventures in the UAE and several international markets. We are confident that, going forward, our projects will continue to meet our esteemed clients' demand for high-value investments," he said.

Oakwood Residency offers 344 one- and two-bedroom apartments, some of which include maid's accommodation and a study room. Set amidst a state-of-the-art residential and business community, the tower will feature a wide range of amenities, including a fully equipped gymnasium, separate sauna and steam rooms for men and women, a rooftop swimming pool, ample parking space and 24-hour security. Oakwood Residency is scheduled for delivery by the second quarter of 2010, with construction already underway

Deyaar, the owner of the largest land bank at IMPZ, is due to launch an iconic master planned community on a large cluster of land while initiating a shift towards developing mega-community style projects.

Today, Deyaar enjoys a solid track record of success and stands at the forefront of the Dubai property development sector with projects that enjoy high demand in the secondary market. The company's real estate projects span prominent locations across Dubai, including Jumeirah Lake Towers, Dubai Marina, Downtown Jebel Ali and Business Bay, where Deyaar is one of the largest developers.

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About Deyaar:
Deyaar Development PJSC is one of the fastest growing real estate companies in the region. Headquartered in Dubai, the company has grown significantly to evolve into a complete one-stop real estate solutions provider. Today, Deyaar is one of the most prominent brands in the regional real estate sector, with interests in development, property and facilities management, in addition to offering a range of services such as brokerage, marketing and sales. Deyaar's strategic solutions and deep market insights have helped create exceptional value for its investors. The company currently manages over 16,000 commercial and residential properties. Deyaar is set to continue to play a pivotal role in the ongoing development of the region's property landscape. The company complies with the Escrow legislation and all relevant laws in the UAE. Deyaar is registered with the Real Estate Regulatory Authority under reference number 15/07.

For further information, please contact:
Nicholas Nesson / Anusyia Nathan / Nitin Nambiar
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel:  971-4-3355969
Fax: 971-4-3356080
Email: n.nesson@asdaa.com / a.nathan@asdaa.com / n.nambiar@asdaa.com

© Press Release 2008