Sapphire deal expected by next month

The main construction package for Sapphire Residence, the first phase of a US $109 million (AED400 million) development at Dubai Silicon Oasis, is expected to be awarded by the end of July.

The main construction package for Sapphire Residence, the first phase of a US $109 million (AED400 million) development at Dubai Silicon Oasis, is expected to be awarded by the end of July.

UAE-based real estate company, Deyaar, is the client and La Casa is the architect.

The eight-storey Sapphire Residence includes 90 one, two and three-bedroom apartments.

"The location advantages of Silicon Oasis make Sapphire Residence a unique proposition," said Zack Shahin, chief executive officer, Deyaar.

"The project will enjoy an integrated community setting within an area that will experience substantial growth in the near future."

The project is scheduled for completion in December 2008.

Shahin added: "Sapphire Residence is the first of four buildings that Deyaar plans to roll out on strategically located plots in Dubai Silicon Oasis."

Deyaar's net profits rose from $1.4 million in 2003 to $112 million in 2006. The company has a strong presence in both the residential and commercial sector and manages approximately 16,000 units in the UAE.

Dubai Silicon Oasis is a 7.2km2 community located next to Emirates Road.

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