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UAE-based property developer Deyaar has launched its US $122.5
million (AED450 million) Oakwood Residency tower in the International
Media Production Zone (IMPZ) in Dubai.
The18-storey tower is scheduled for completion by the second quarter of
2010, with construction already underway. IMPZ is a 4-million m²
mixed-use development situated off Emirates Road.
"I am
delighted to announce the launch of this exciting new development in
the heart of New Dubai," said Saeed Al Qatami, Deyaar's managing
director, UAE.
"Oakwood Residency is another landmark project for this fast-growing
company, which continues to demonstrate its commitment to customer
service, timely delivery and product excellence. Oakwood Residency
represents a unique opportunity to participate in the emirate's
high-growth real estate sector."
Oakwood Residency offers 344
apartments and will feature a range of amenities, including a
gymnasium, separate sauna and steam rooms for men and women, a rooftop
swimming pool, ample parking space and 24-hour security.
"As the
owner of the largest land bank within the IMPZ master development, we
are extremely optimistic about the potential of our planned projects in
the master development," Qatami added.
"Reflecting our efforts
to consistently enrich the product offering to our customers, we will
soon announce our first mega-community style development at IMPZ."
The new launch comes on the heels of last month's scandal involving
three senior employees from Deyaar identified as then CEO, Zack Shahin,
Ganesan Krishna Kumar and an un-named Lebanese sales manager, all of
whom had been detained in connection with alleged financial
irregularities.
In the same week, members of Deyaar's board of
directors, Hussein Hassan Mirza Mohammed Al-Sayegh and Sultan Ahmad
Khalfan Al-Ghaith resigned and were replaced by Abdullah Ali Al-Hamli
and Butti Abdulla Al-Jumairi.
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