Deyaar launches Sapphire Residence - part of AED 400 million project at Dubai Silicon Oasis

Sapphire Residence caters to the soaring demand for new and affordable residential offerings in Dubai. It offers a choice of 90 spacious and well designed one, two, and three bedroom apartments.

Whilst rents are rising substantially more and more residents are scouting for value offerings in the property market to build an asset, rather than pay rents endlessly.

Announcing the initiative as a significant offering, Zack Shahin, Chief Executive Officer, Deyaar, said, "The location advantages of Silicon Oasis make Sapphire Residence a unique proposition. The project will enjoy an integrated community setting within an area that will experience substantial growth in the near future."

Dubai Silicon Oasis is a 7.2 square km master-planned community strategically located on Emirates Road. Termed as a `city within a city', Dubai Silicon Oasis offers a range of academic institutions and a dynamic commercial and social environment.

Sapphire Residence is scheduled for completion in December 2008. Rising eight storeys, the project will comprise state-of-the-art amenities set amid lush green landscape. A unique feature of Sapphire Residence is its leisure deck in the courtyard of the building on the ground floor housing a swimming pool and health club.

With easy access from Dubai International Airport, Jebel Ali Port and Dubai's central business district, Sapphire Residence is set to evolve as a prime residential address in Dubai Silicon Oasis.

Shahin added,"Sapphire Residence is the first of four buildings that Deyaar plans to roll out on strategically located plots in Dubai Silicon Oasis."

Through a highly competitive finance scheme with Dubai Islamic Bank, no payments will be due before the end of construction and a substantially low processing fee will be applicable.

Today's launch comes close on the heels of Deyaar's quick sell out of a number of recently introduced residential and commercial projects at Business Bay.

Deyaar has continued to achieve consistent growth since its inception. The company's net profits rose from AED 5 million in 2003 to AED 73 million in 2004, AED 141 million in 2005 and AED 412 million in 2006. Deyaar's recent IPO attracted enormous investor enthusiasm, testifying to the impeccable reputation the company has gained over the last few years.

The company is one of the region's leading real estate players, with a strong presence in both residential and commercial segments. The company also leads the property management segment with approximately 16,000 units in the UAE.