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Dubai's Deyaar Development is planning to announce a new residential project in 2021, the developer said on Sunday.
"We are currently at the final stage of planning for one of the distinguished residential projects that will be announced later this year," the Dubai Financial Market-listed company said in a press statement quoting CEO Saeed Al Qatami.
The statement didn't elaborate on the project but mentioned that the company would deliver Phase 3 and 4 of its ongoing Midtown integrated residential project in Dubai Production City six months ahead of schedule.
The company said construction work in the third and fourth phases has so far reached 21 percent, and it intends to complete the project by December 2022 and hand over units to buyers in January 2023, six months ahead of the anticipated date of June 2023.
In November 2020, Zawya Projects had reported that Deyaar has appointed G&B Contracting as the main contractor for the third and fourth phases of Midtown.
Deyaar's losses for 2020 hit 216.9 million UAE dirhams ($59 million), following a profit of 71.5 million dirhams in 2019.
(Writing by Anoop Menon; Editing by Mily Chakrabarty)
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