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Deyaar Development is on track to complete its Mesk and Noor districts in Midtown by the end of December 2022 and the beginning of 2023, respectively, the developer disclosed in its third quarter 2022 results press statement.
Noor and Mesk constitute the third and fourth phases of Midtown, which is located in Dubai Production City.
The first two districts Afnan and Dania, constituting a total of 13 buildings and more than 1,200 apartments, were completed and delivered in 2020.
The statement also noted that Deyaar's newly launched Regalia and Tria projects registered sales worth more than 1.5 billion dirhams ($408 million).
The $204 million Regalia luxury skyscraper in Business Bay was launched in July 2021 and is expected to be completed in December 2024.
Tria, a $176 million luxury residential tower in Dubai Silicon Oasis (DSO), was launched in June 2022.
The DFM-listed developer made a net profit of 36.3 million dirhams ($9.9 million) in the third quarter compared with 8.2 million dirhams in the same time last year, driven by new project launches and the continuing recovery in the property market.
The Midtown development comprises six districts spanning 24 buildings, and more 2000 units across a built-up area of almost five million square feet. Other constituents of Deyaar’s real estate portfolio are Bella Rose and the Millennium Al Barsha Hotel.
(Writing by SA Kader; Editing by Anoop Menon)
