AZIZI says upscale project construction on target
Company says it is looking at opening more sales centres on the back of an estimated AED4.5 billion in Dubai’s real estate sector so far
A real estate developer which was forced to cancel projects in Dubai during the global economic crisis in 2008 has announced that it plans to launch new new luxury residential and hotel projects and develop elite hotel apartments across the emirate.
AZIZI Developments said it is also looking at opening more sales centres on the back of an estimated AED4.5 billion in Dubai’s real estate sector so far.
The company launched five large-scale residential projects in 2014 – including the sold-out AZIZI Iris, with around 70 percent of the rest of its developments also sold out.
Construction works for all five properties, which commenced in May 2014, are proceeding as scheduled, the company said in a statement.
Mohsen Kamel, AZIZI Developments CEO, said: “2014 was a great year for our company as we experienced a substantial sales increase, key department expansions, and a strong marketing push. One of the significant growth drivers is the market’s robust appetite for upscale property projects as high net-worth individuals continuously view Dubai as a secure place for their investments."
AZIZI Developments said it has bounced back strongly from the 2008 financial slowdown after cancelling its previous projects to help clients that were facing financial difficulties failing to continue the payments of the already invested projects.
During that time, the company said it held off sales and construction, and fully refunded clients' payments.
"Cancelling the previous projects proved to be the right strategy at the time, and developers efforts to refund all their many clients only brought more trust to our then and new clients, and while some welcome the refund, others asked to transfer their investment to another active project by the developer," a statement added.
AZIZI Developments said it expects to sustain its upward trajectory as it plans to launch more new luxury residential and hotel projects.
Kamel said: “We are now seeing more serious and long-term investors amidst the continuously maturing market backed by beneficial rules and regulations implemented by the Real Estate Regulatory Agency. As a developer, we are not only focusing on delivering our projects by the end of this year but also on offering easy, flexible payment schemes especially to first-time home buyers.”
AZIZI Developments said it predicts that property prices in the local market will stabilise as developers focus more on delivering their projects. Most of the new developments launched in Dubai are slated for completion in the next two to three years.
“Looking forward, we further commit to implementing a long-term plan and a strategic approach in order to deliver top-of-the-line properties to our market. We will build a variety of projects, from high-end residential to commercial and hotel projects, to ensure that the needs and requirements of our target market are consistently met,” added Kamel.