Azizi Developments, one of the fastest growing developers in the UAE has announced that phase one of the AED12bn waterfront project Azizi Riviera is sold out on the first day of Cityscape Global 2017. The developer has also sold 50 per cent of inventory of phase two of the same project on the first day at Cityscape.
The project, which is located in the prestigious Meydan One district, commenced construction in July this year with the completion of phase one and two scheduled for the second half of 2018. Once complete, the project will deliver at least 6,273 units of studio, one and two-bedroom apartments situated along the Dubai Canal, with views of Downtown Dubai and other landmarks.
Farhad Azizi, CEO of Azizi Developments, said: “Following the success of our sales for phase one of the prestigious Azizi Riviera project, which is currently sold out, we decided to launch phase two at Cityscape Global. We are delighted to announce that we have sold 50 per cent of our inventory for phase two on the first day of Cityscape, which comprises a large number of canal-facing properties. This is tremendous news for us as a developer, especially as we continue to witness a growing demand for upscale residential real estate in prime locations across the city, which we are committed to meeting by delivering world class community lifestyle projects with flexible payment plans.”
This positive trend comes on the back of a study released by Cityscape Global and a YouGov Survey which stated that the UAE has retained its position as the most desirable country for GCC real estate investment in the Middle East. Azizi Developments has been conceptualising and developing new projects across the city to drive this demand from GCC investors and individual buyers, especially ahead of Expo 2020, and has witnessed year-on-year sales growth of 200 per cent across its portfolio of properties in Dubai.
Riviera phase two comprises 17 buildings with more than 4,000 units sprawled across Meydan One, one of Dubai’s most prestigious neighbourhoods. Inspired by the French Riviera, the project collectively is made up of 69 mid-rise residential buildings of 13,000 units of studio, one-bedroom, and two-bedroom apartments, a mega integrated retail district and a four and a five-star hotel.
Azizi Developments has also witnessed successful sales across a number of its other projects at Cityscape 2017, including Farhad Azizi Residences in Dubai Healthcare City, Azizi Mina serviced apartments on The Palm Jumeirah and residential developments at Al Furjan. The total value of all projects that is being showcased at Cityscape 2017 amounts to approximately AED20billion.
Azizi added: “The UAE and Dubai in particular is a dynamic real estate market that continues to attract growing interest from developers who are creating adequate supply to meet the current market demand. As a construction-driven real estate company, we are focused on on-time delivery of all our projects, and the encouraging buyer sentiment we are currently witnessing reflects our strong position in the market.”
Currently, Azizi Developments has delivered nine projects across its residential portfolio in Dubai and plans to deliver nine more by 2018. The next few years will be a period of continued expansion for the developer, who currently has 100 projects in the pipeline. The successful delivery of these projects will make Azizi Developments one of the largest private real estate developers in the UAE.
Additionally, while Azizi Developments continues to offer the best community living experience for customers, it is increasingly focusing on creating and developing urban neighbourhoods supported by investments in developing signature communities with distinct identities.