Dubai-based developer Green Yard Properties Development said on Wednesday that it has started construction work on its newest residential project Joy Blanca.
The 150 million UAE dirhams ($41 million) development is located in Dubai's Arjan area, and offers 313 residential units comprising of 153 studios, 151 one-bedroom apartments, and 9 two-bedroom apartments, the developer said in a press statement.
Green Yard Properties' Managing Director Mahmoud Awad said the construction work on the project is 15 percent complete.
A company statement noted that the project conforms to the Real Estate Regulatory Agency's (RERA) new regulation of depositing 50 percent of the project's cost upfront to lower the risk for the investors and guarantee the completion of the project.
"We have made the investment in Arjan region our priority plan, and we look forward to developing more luxurious projects at affordable prices...," said Awad.
The project is scheduled for completion in the third quarter of 2022, according to Dubai Land Department's Mashrooi project tracker.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
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