Ellington, Déjà Vu Estate ink $41m Dubai tower homes deal
Masterplanning work on the tower is due to commence shortly, UAE real estate developer confirms
Dubai real estate developer Ellington Properties has signed a $40.8m (AED150m) contract with entrepreneur Abdul Razeq Abdul Ahad through Déjà Vu Estate to build a residential tower in the city, with the contract signed between Ellington Properties’ managing director Joseph Thomas and co-founder Nitin Bhatnagar, Ahad, and Déjà Vu Estate’s chairman, Ahid Shaikh Mohammed.
Masterplanning of the residential tower will commence shortly, Ellington said in a statement.
Commenting on the collaboration, Ahad said: “There is significant potential to develop the right real estate developments, which require the expertise of proven developers such as Ellington.
"Déjà Vu Real Estate recommended Ellington Properties for this significant investment in Dubai’s property sector based on its insightful understanding of the industry. We trust Ellington’s competencies in building design-centered homes for the new generation that will secure strong returns.”
Bhatnagar said the agreement was in line with the company's strategy to build up to 1,000 homes each year.
He added: “We are focused on expanding our portfolio through such strategic partnerships that enable us to deliver the right product offering at the right prices in the market.”