Dubai-listed Deyaar unveils 593-unit Noor district at Midtown

The developer also rolled out its Deyaar Flexi programme that provides new home buyers customised settlement plans

Noor features seven buildings that comprises 593 units.
Supplied
Noor features seven buildings that comprises 593 units.

Dubai Financial Market-listed (DFM) property developer and real estate service provider Deyaar Development (Deyaar), majority of which is owned by Dubai Islamic Bank, has unveiled Noor — its third district — within its 46ha flagship community Midtown that features six districts in total.

The seven-building development, Midtown’s Noor district features 593 units, ranging from studios, to one-, two-, and three-bedroom apartments, with unit prices starting from $130,683.4 (AED480,000). 

In a stock market filing, Deyaar said that investors could purchase a property within Midtown with an initial payment of 10%, with installments starting from as low as $1,048.2 (AED3850).

Deyaar launched Noor alongside the Deyaar Flexi programme, which provides new home buyers customised settlement plans, making property ownership more accessible to everyone. The plan also offers multiple settlement plan options that extends for upto 10 years.

Speaking about Noor, CEO of Deyaar, Saeed Al Qatami, said: “Both Afnan and Dania districts within Midtown were more than 95% sold out at the time of completion, so the introduction of Noor creates an exciting new opportunity for first-time home owners, families, and investors alike to purchase property in this popular community with our new Deyaar Flexi Program which provides up to 10 years payment plans.”

Located in Dubai Production City near Sheikh Mohammed bin Zayed Road, Midtown is home to 26 buildings that together feature 2,000 units. The community’s six districts have a total built-up area of 46ha.

Earlier this year the developer recorded a 49% year-on-year drop in its net profit to $19.47m (AED71.5m) for the financial year ending 31 December, 2019. The company also reported a 6.2% plunge in its revenue to $164.35m (AED603.7m) in 2019, compared to $175.24m (AED643.7m) in 2018.

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