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Azizi sells more than 50% of $817m Riviera Phase 2 in two days

Azizi Developments has sold more than 50% of its Azizi Riviera Phase 2, which launched during the first day of Cityscape in Dubai, the company’s chief executive said on Tuesday

Farhad Azizi, CEO, Azizi Developments.
Farhad Azizi, CEO, Azizi Developments.

Azizi Developments has sold more than 50% of its Azizi Riviera Phase 2, which launched during the first day of Cityscape in Dubai, the company’s chief executive said on Tuesday.

The second phase of the $12bn Waterfront project, which will be developed at a cost of $817m (AED3bn), will add more than 4,000 new units to the market by 2018 and will include 17 buildings across the Meydan One development. 

“In the last month we have delivered almost 1,000 apartments in nine different buildings. By the end of the year we will be delivering more,” Farhad Azizi, chief executive officer, Azizi Developments told Construction Week at Cityscape.

Azizi is expecting to launch more projects in the next year that will include a number of mixed use communities.

 “There will be projects of different types, including a high-rise located in a very iconic place in Dubai, with information on that coming soon as well.”

A big majority of upcoming projects are residential with about 10% focused on commercial and another 10% dedicated to hotels.

Additionally, the developer outlined a strategy to build more in residential properties in 2018 and will be awarding more contracts by the end of the year.

READ: Azizi Developments opens sales office in India

“Tendering for Phase three of the Riviera project has already started, with Phase four to be tendered by the end of the year.”

Azizi is expecting to tender four or five more projects this year, including the Safa Towers, located near Safa Park on the Dubai Canal.

“These are two, 40-storey high-rise towers that will be tendered by the end of the year as well,” he said.

Azizi said that it is also expanding into other cities, but will continue to focus on the UAE as its main market in the region.

READ: Dubai Crown Prince inaugurates Cityscape Global 2017

“We are looking into other emirates as well, including Abu Dhabi and Sharjah. Our expansion will be in the UAE, unless there is a greater opportunity in Saudi Arabia, in which case we will be looking into it.”

“We feel the market [in Saudi] is more established and mature. After the UAE, we see Saudi as the second strongest [property] market in the region,” he added.

As for its client base, around 13% of buyers stem from the UAE while 40% range from different GCC states. India and Pakistan amount to a combined 30% with other countries rounding out the remainder.

Azizi Riviera is collectively made up of 69 mid-rise residential buildings of 13,000 units of studio, one-, and two bedroom apartments as well as a retail district and five-star hotel.  

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Construction Week - Issue 754
Nov 23, 2019