Deyaar to hand over 1,000 units in Dubai in 2012

The handover will include three commercial projects in the Business Bay master development and one residential project in the International Media Production Zone, according to the company.

The projects scheduled for delivery include Oakwood Residency, Fifty One @ Business Bay, The Burlington and Oxford Tower. The first project to be delivered in 2012 will be Fifty One @ Business Bay, scheduled for delivery in February. This will be followed by the delivery of Oakwood Residency, located in IMPZ, in March.

The other two commercial projects to be delivered in the second half of 2012. A total of 1,080 residential and commercial units will be delivered this year including 344 residential units in Oakwood Residency, 164 commercial units in Fifty One @ Business Bay, 476 commercial units in The Burlington, 96 commercial units in Oxford Tower. Around 90% of the units, valued at around Dhs1.5bn, have been sold, the company said.

In a statement yesterday, Saeed Al Qatami, acting Deyaar chief executive officer, said: "The hallmark of Deyaar's success and indeed one of its key differentiating factors amidst these challenging conditions has been its commitment to its customers and focus on high-quality real estate projects whose value as an investment-grade product will endure over many years."

Deyaar was badly hit by the property crash in Dubai, where home prices have declined 60% in the wake of the global economic downturn.

In November, Deyaar reported profits of Dhs600,000 in the third quarter ending Sept 30 compared with a loss of Dhs145m in the prior-year period. The developer earned a net profit of Dhs45m in the first nine months of the year, compared to a loss of Dhs489m in 2010.

Driving the company's growth was the completion and handover of its projects in Business Bay. In April, Deyaar handed over its residential projects — Mayfair Tower, Mayfair Residency and Clayton Residency — and its commercial property, Metropolis Offices.

In a bid to encourage buyers, Deyaar teamed up with Tamweel, the UAE-based Islamic home finance provider in September 2011 to jointly offer ready units at four Deyaar projects in Business Bay at an optimal flat rate — with no additional fees from either the developer or the finance provider.

Property consultants Jones Lang La Salle last week said average prices in Dubai's residential property sector will continue to slide in 2012, but noted that home values will rise in certain parts of the emirate as the market becomes increasingly polarised.

The consultancy added that prices are likely to achieve growth across all sectors next year. "2012 will be the year of recovery for certain projects, while 2013 will be the year of recovery for the market as a whole," said Craig Plumb, JLL's head of research for the Middle East and North Africa.