UAE: Dubai developer Deyaar has several serviced apartment projects under way but will monitor market conditions before launching more.
The company currently has around 5.7 million square feet of potential new projects in the pipeline, but chief executive Saeed Al Qatami said: “We are very careful in terms of launching a project where exactly to launch. We want to make sure the infrastructure is there, making sure that we deliver. We are also careful of how the market is developing, in terms of whether we will be able to go ahead with a project – that the funding is there, the customer interest is there.”
Deyaar currently has about Dh2.7 billion worth of projects under construction at four sites – the three-tower Mont Rose project in Barsha South, the Atria project at Business Bay, a hotel project in Al Barsha and the first two zones (two and three) at its Midtown project.
The first of these to complete will be Mont Rose where the serviced apartment component, which will be operated by Millennium & Copthorne Hotels, is likely to open in November.</p
