Deyaar launches Afnan, the first phase of Midtown
Afnan is the first part of the Midtown development, comprising a built-up area exceeding 46.4 ha unveiled at Cityscape Global 2014
Dubai developer Deyaar Development launched the Afnan District, the first phase of its Midtown development at International Media Production Zone (IMPZ).
Afnan District includes seven residential developments ranging from G+6 to G+16 buildings comprising a total of 659 apartment units in varying sizes. Divided into 132 studios, 374 one bedroom apartments, 143 two bedroom apartments, and 10 three bedroom apartments, the size of the units range from 425 to 2,010 square feet.
Afnan is the first part of the Midtown development, comprising a built-up area exceeding 46.4 ha unveiled at Cityscape Global 2014.
Elaborating on the details Saeed Al-Qatami, CEO of Deyaar, said: “Afnan District is a residential area with a children’s playground, retail spaces and a fitness centre all in close proximity for the convenience of the residents. The neighbourhood is set to create a green and pleasing community environment by incorporating 3.7 ha of landscaped terrain.”
The $816m Midtown by Deyaar will consist of 27 buildings that share a one-level podium covering retail, parking, and essential services. Situated in Dubai’s growth corridor with direct access to the Sheikh Mohammed Bin Zayed Road, International Media Production Zone (IMPZ) is close to the Jebel Ali port and the Al Maktoum International Airport.
The development will feature 464.5 sqm of dedicated day-care facilities and sports amenities such as tennis courts, basketball courts, lap pool, family pools, jogging track and traverse climbing walls.
“Even if the real estate market is down, the project will fetch a return of investment (ROI) of 7-8%. Our sources of financing will definitely be from the banks and the sales proceeds, along with our own finance inputs,” added Qatami.
Bookings for the Afnan District will open in September 2015.
Deyaar has appointed Hyder as the lead consultant and U+A Architects as the lead architect for Midtown. Construction is scheduled to begin in the last quarter of 2015, contracts for which are going to awarded in the next few months.