(MENAFN- Khaleej Times) Azizi Developments signed a deal with Dubai South on Tuesday, acquiring a plot of land of 15 million square, with a gross floor area (GFA) of nearly 24 million square feet.
As part of the agreement, Azizi Developments will be the master developer, in charge of constructing the development's buildings, its roads, and infrastructure.
The signing ceremony took place on Tuesday at Azizi's stand at Cityscape Dubai 2022. It was presided over by the executive chairman of Dubai Aviation City Corporation and Dubai South, Khalifa Al Zaffin, and the founder and chairman of Azizi Developments, Mirwais Azizi. Also in attendance was CEO of Azizi Developments, Farhad Azizi, and other key senior management figures from both parties.
Officials of Dubai South and Azizi Developments at Cityscape. - Supplied photo Mirwais Azizi commented:“This sizable land represents an exceptional opportunity to contribute to the satiation of the exponentially increasing demand for world-class properties in the UAE. The emirate continues to solidify its renowned standing as the world's hub for business, tourism, and innovation, underlined by the increasing number of investors and end-users choosing to secure themselves homes here.”
Al Zaffin said:“At Dubai South, we select partners that align with our mandate to enrich the lives of residents and professionals across the emirate and support the government's vision of making Dubai the best global city to live, work and visit. We look forward to the realisation of this new project, which will undoubtedly become one of the emirate's most-prized destinations.”
The Azizi pavilion at Cityscape. - Supplied photo The newly acquired land, which is part of Dubai South's Golf District, is situated alongside Emirates Road (E611). With just a five-minute drive to the Al Maktoum International Airport, but without any air traffic above it, the land is well-positioned for a luxury community to be developed.
While detailed plans were not disclosed, Azizi Developments stated that the planning and design for the project are already in advanced stages and that it will develop townhouses, villas, residential apartments, hotel apartments, several types of hospitality projects ranging from three to five stars, and a wide range of amenities.
Earlier, on the sidelines of Cityscape, Farhad Azizi told Khaleej Times that the developer was on track to deliver 9,000 units of its flagship Riviera project this year.“We have already delivered 7,500 units and will complete another 1,500 by the year-end,” he said.
Farhad Azizi, CEO of Azizi Developments. - Supplied photo With nearly 100 projects in various stages of development – some still in the design with a number of others now being handed over or close to delivery – Azizi Developments has had quite a busy year so far.“With Covid restrictions now relaxed, there is a lot more activity in the real estate sector now. We are getting a lot of enquiries for our projects,” Azizi said.
Regarding the recently-announced second highest residential tower in Dubai on Sheikh Zayed Road, Azizi said that the developer has been working on the design of the new skyscraper.“This is a very special project for us and requires a whole new level of engineering, that is why we are not disclosing any details yet,” Azizi said. Among other projects, Azizi highlighted the fourth phase of Riviera that will come online soon.
Close to 40 per cent of Azizi Developments' clientele is from the GCC countries, including Emiratis.“We are also getting a lot of Indian and Pakistani clients. Lately, due to the Russia-Ukraine conflict, as well as inflation and other factors, we are getting a lot of Europeans looking to buy property here as well,” he said.
Azizi remains bullish on the current real estate scenario in Dubai.“Dubai fortunately has a very good infrastructure, whether it is from the banking perspective, whether it is the safety here. So, all put together it is a very functional city and it is thus very good for us as developers, because we build based on demand from the consumer,” he added.
The developer remains focused on completing its various project currently under development.“We are very excited about the future. We are going to deliver a lot of projects and starting several new ones. We are also looking at other emirates like Abu Dhabi and Sharjah. But Dubai has been keeping us busy and when this tower is built we feel good because we are leaving a mark on this city. We have been here since 1995 when my father set upthe company here. Giving back is something we really want to do. And in the process we are making profit. So, it's a win-win for the city and for the family and for the business,” Azizi said.