Deyaar plans IMPZ residential project

UAE-based property developer Deyaar has launched its US $122.5 million (AED450 million) Oakwood Residency tower in the International Media Production Zone (IMPZ) in Dubai.

Oakwood is a US $122.5m development.
Oakwood is a US $122.5m development.

UAE-based property developer Deyaar has launched its US $122.5 million (AED450 million) Oakwood Residency tower in the International Media Production Zone (IMPZ) in Dubai.

The18-storey tower is scheduled for completion by the second quarter of 2010, with construction already underway. IMPZ is a 4-million m² mixed-use development situated off Emirates Road.

"I am delighted to announce the launch of this exciting new development in the heart of New Dubai," said Saeed Al Qatami, Deyaar's managing director, UAE.

"Oakwood Residency is another landmark project for this fast-growing company, which continues to demonstrate its commitment to customer service, timely delivery and product excellence. Oakwood Residency represents a unique opportunity to participate in the emirate's high-growth real estate sector."

Oakwood Residency offers 344 apartments and will feature a range of amenities, including a gymnasium, separate sauna and steam rooms for men and women, a rooftop swimming pool, ample parking space and 24-hour security.

"As the owner of the largest land bank within the IMPZ master development, we are extremely optimistic about the potential of our planned projects in the master development," Qatami added.

"Reflecting our efforts to consistently enrich the product offering to our customers, we will soon announce our first mega-community style development at IMPZ."

The new launch comes on the heels of last month's scandal involving three senior employees from Deyaar identified as then CEO, Zack Shahin, Ganesan Krishna Kumar and an un-named Lebanese sales manager, all of whom had been detained in connection with alleged financial irregularities.

In the same week, members of Deyaar's board of directors, Hussein Hassan Mirza Mohammed Al-Sayegh and Sultan Ahmad Khalfan Al-Ghaith resigned and were replaced by Abdullah Ali Al-Hamli and Butti Abdulla Al-Jumairi.

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