Belhasa wins Dh600m in Deyaar Midtown contracts
Developer first launched the five million sq ft-plus project at Cityscape Global in 2014
Developer Deyaar has awarded a Dh600m contract to Dubai-based Belhasa Engineering & Contracting Company to build the first two districts to be brought forward at its Midtown project in Dubai Production City, close to the Mohammed Bin Zayed Road.
Saeed Al Qatami, the chief executive of Deyaar Development, said that Belhasa had been chosen because it has “a proven track record of delivering quality, premium properties, making them the ideal partner for the next phase of Midtown’s Afnan and Dania districts”.
The contractor will build the Afnan and Dania districts, which will contain a total of 1,238 apartments.
These will be built under a 29-month programme, with the superstructure of the buildings due to complete by the end of next year. The developer has said that it is aiming for 15-20 per cent of the total building work to be complete by the end of this year.
More than 70 per cent of the properties launched for sale have been bought off-plan, said Al Qatami, adding “We are eager to deliver in good time.”
Midtown is a major development containing 27 buildings in a total of six districts on 1.2 million site, which will have a built-up area of almost 5 million sq ft when it is finally completed. The project was unveiled at the Cityscape Global exhibition in Dubai in 2014 and phase one, Adnan, was launched for sale a year later, comprising 659 apartments. The sales launch for the 579-apartment Dania scheme got underway in April 2016.
Majed Belhasa, the managing director of Belhasa Engineering and Contracting Company, said: “We are keen to take on projects that are unique and add value to Dubai’s communities, and Deyaar’s Midtown development fits that bill.”
Last week, Deyaar Development published reported a 135 per cent year-on-year increase in revenue for the first six months of 2017 to Dh316.4 million, which it attributed to more sales at its Atria project in Business Bay and Mont Rose in Barsha South - both of which are nearing completion.
In March, Mr Al Qatami said that Deyaar has 5.7 million sq ft of new projects in the pipeline, 2.7 million sq ft of which will be brought to market at the Dubai South site.
Updated: July 23, 2017 06:29 PM