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Al Mazaya to provide mid-value properties in Dubai

Holding company launches the second stage of Queue Point in Dubailand

Al Mazaya's The Villa project.
Al Mazaya's The Villa project.

Mazaya Holding has announced the launch of the second stage of its mid-value properties, Queue Point, in Liwan.

“When we entered with this project (Queue Point), in the Dubai market, we noticed that there was a large emphasis on high income and this sector was not entirely served. So we entered this market at a large scale… and we built it in a way to keep costs low without compromising,” said Rashid Al Nafisi, chairman of the board of directors of Al Mazaya Holding, on the sidelines of a press conference.

Al Mazaya will provide a real estate product at prices starting from $136,000 (AED500,000) per apartment, in addition to the provision of payment facilities through authorised UAE funding agencies like Dubai Islamic Bank.

“Mazaya focuses on the product, regardless of the type of project, whether it is a medium, housing, or high end. We emphasise on the product,” said Ibrahim Al Saq’abi, the Group CEO.

The project includes 52 “land” plots, spanning an area of 13mn ft2. Al Mazaya owns half of these plots, and manages the remaining half for the benefit of other investors. Units are available in one, two and three bedroom units.

Stage one of the project stands at more than 75% complete with rate of sales up to 63%.

Al Nafisi also revealed that although 70% of the its projects are located in Dubai, the company is looking for opportunities in the Turkish and Saudi markets in 2014.

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