Kasun Illankoon caught up with Eng. Khalid Ababneh, Vice President – Projects & Commercial at Deyaar Development, to discuss their latest projects and how their diverse portfolio has made the real estate developer a unique player in the market
Established in 2002, Deyaar has grown exponentially over the past decade to become one of the region’s leading real estate development companies.
I got a chance to sit down with Eng. Ababneh to discuss in great detail about their projects and how the company has navigated through 2020.
“2020 has been an unprecedented year for everybody due to COVID-19 pandemic but our goals and objectives at the beginning of the year remain the same unless we really need to change it. After several meetings with the overall leadership team it was decided that we should stick with our initial goals for the year,” said Eng. Ababneh.
Deyaar’s ability to stay afloat in 2020 has been due to UAE’s ability to control the COVID-19 pandemic and lay the groundwork and regulations to allow developers like Deyaar to operate efficiently.
“The UAE’s real estate market is strong. Our nation is a global hub, enabled by transport infrastructure, safety, stability, modern facilities, and strategic location at the crossroads of international trade and tourism. Although this year was challenging for a range of reasons, I believe the recovery that has taken hold will strengthen, creating consumer and investor confidence. Average residential sales and rental prices in the real estate sector are stabilising. With Expo 2021 on the way, demand will rise for hospitality and residential accommodation. Among Deyaar’s core strengths – and part of what makes us different – is that we are integrated. We offer value to our customers across a diverse portfolio of quality real estate developments and differentiated services. We are confident that we have the right business mix for a discerning market, with a strong leadership team thinking strategically about seizing opportunity,” said Eng. Ababneh.
Furthermore, the UAE Government announced several initiatives aimed at boosting market sentiment and tangible returns. The growth in the UAE’s real estate, hospitality, and leisure sectors helps drive the country’s design sector. As a result of the initiatives announced, such as retirement visas, company ownership, and 10-year residency, the UAE Government’s continued spending on infrastructure in the run-up to Expo 2020.
As competition continues to rise, developers will become more attuned to market demands and deliver on it. And with a wealth of options available due to ample existing and recently delivered supply, it is a buyer’s market with great opportunities for both investors and end-users. As a result, many buyers are moving towards units above the market standards in terms of product quality and amenities by developers who offer flexible payment plans, deliver on time, and are competitively priced.
Projects
The decision to stay on course with their goals and objectives for 2020 has seen Deyaar deliver key projects this year.
Also, Deyaar delivered their marquee Midtown Project in Zone 2 and 3, Afnan and Dania Districts, which comprises 13 buildings and they are set to go ahead with phase two of the Midtown development.
Located in Dubai Production City near Sheikh Mohammed bin Zayed Road, Midtown is designed with community living in mind, creating a family-friendly environment complete with a wide range of amenities.
There are more than 30,000 sq ft of retail area between Midtown’s Dania and Afnan Districts, with a wide variety of outlets including anchor supermarket, nursery, F&B, and more, such as service providers, health and beauty and entertainment. Midtown’s retail offering will meet the needs of residents and visitors alike, with ample parking available for all. Deyaar is meticulously selecting retail tenants to ensure the best brands and outlet variety throughout the project.
Eng. Ababneh added: “We have also launched Noor District which consists of 7 buildings with 593 units, plus we have the Bella Rose residential project as well which we are aiming to complete by end of this year.”
As part of the popular Midtown master development, Noor district will be a vibrant community space that is personal and secure. Designed with affordable family living in mind, Midtown residents enjoy amenities that cater to a fit and healthy life, with open green spaces, retail and F&B options, sports facilities, and much more.
Investors can purchase property with an initial payment of just 10 percent and enjoy affordable instalments starting as low as AED 2,450. The Deyaar Flexi Program will provide that extra peace of mind with multiple settlement plan options that extend for up to 10 years.
Located in Dubai Science Park, Bella Rose will offer studios, one- and two-bedroom apartments in a well-appointed 18-storey tower, surrounded by landscaped gardens and play areas for kids. The tower features an infinity pool, gym, parking for residents and visitors, and 24-hour security, as well as retail stores on the ground level. Interiors within the Bella Rose Building will be designed to a minimalistic and modern specification, featuring grey, white, and black high-quality finishes throughout the building.
Dubai Science Park is ideally located close to Mall of the Emirates and major highways, with easy access to neighbourhood facilities such as schools, hotels, My City Centre Al Barsha shopping mall, Miracle Garden, and more.
Diverse Portfolio
As part of one of their key visions, Deyaar aims to create an urban environment that meets the high standards set by the nation’s leaders, with a diverse portfolio of quality real estate developments and differentiated services, a return on investment for stakeholders and value for customers, whilst providing the tools to our employees to realize their potential.
“The good thing about Deyaar is we have multiple companies under our group, and this helps us to communicate with our customers directly,” said Eng. Ababneh.
Deyaar’s operations are divided across seven critical business units – Property Development, Property Management, Facilities Management, Community Management, Hospitality and Leasing. Through these teams, Deyaar aims to maximise investor profits, provide customers with the highest level of service in the industry, and deliver real solutions that truly enhance the value of their investments.
Eng. Ababneh elaborated further: “Deyaar is an integral part of the fabric of Dubai and the UAE, focused on the future and committed to creating an urban environment that meets the high standards set by the nation’s leaders. With more than 15 years’ experience, we understand market dynamics and our products are tailored for our loyal customers and offer value to customers on product, design, service, location and market knowledge.”
