UAE: Dubai-based developer Deyaar has announced plans to expand its development portfolio in to the serviced apartment and hotel sectors.
Deyaar has traditionally developed commercial and residential
properties, and the move is part of its strategy to diversify
within the real estate sector.
The company has already allocated up to one million square feet for hotel and serviced apartment projects in areas including Business Bay, along Sheikh Zayed Road, and sites located close to the proposed venue for the Expo 2020, along Sheikh Mohammed Bin Zayed road.
Deyaar is also looking to grow its hospitality portfolio through acquisitions. CEO Saeed Al Qatami said: "Dubai has seen a phenomenal surge in occupancy rates, crossing the 80 per cent mark in high-value areas in 2013. Deyaar certainly has the means to tap into this growing sector, and give our customers a bigger portfolio of investment options to choose from. We have a number of projects under consideration, which we hope to reveal soon. Some of these properties will be retained as fully-owned developments under Deyaar, while other projects will be sold to third-party investors."