Deyaar awards $163m contracting deal for Midtown project
Deyaar Development has awarded Belhasa Engineering and Contracting Company as the main contractor in a $163m (AED600m) deal for its Midtown Afnan and Dania districts
Deyaar Development has awarded Belhasa Engineering and Contracting Company as the main contractor in a $163m (AED600m) deal for its Midtown Afnan and Dania districts.
The contract, which includes the construction of 1,238 units, will last for 29 months from the signing date, with the superstructure in Afnan and Dania districts expected to be completed by December 2018.
The company aims to reach 15% to 20% completion by the end of this year, it said in a statement.
The first two phases of the Midtown project have been launched and will feature a total of 27 building within a built-up area of almost 465,000m2.
Saeed Mohammed Al Qatami, chief executive officer of Deyaar Development, said: “Belhasa has a proven track record of delivering quality, premium properties, making them the ideal partner for the next phase of Midtown’s Afnan and Dania districts.”
Al Qatami added that more than 70% of properties have already been purchased off-plan.
The Afnan District features 659 apartments while Dania District has 579 apartments, offering studios, one-bedroom, two-bedroom and three-bedroom units.
Deyaar’s Midtown project is located in Dubai Production City near Sheikh Mohammed Bin Zayed Road in Dubai.