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Deyaar announces new residential tower in Dubai Science Park

Deyaar announces new residential tower in Dubai Science Park

Reports earlier in the week indicated the company was in merger talks with Union Properties

Dubai developer Deyaar said on Wednesday it would launch a new 18-storey residential tower in Dubai Science Park.

Bella Rose will include a pool, gym, resident and visitor parking, retail stores and landscaped gardens.

Studio, one-bed and two-bed units will be sold under a six-year payment plan with prices starting from Dhs449,777 ($122,454).

Deyaar did not announce the total cost of the project, which is due to handover in 2020.

“Not only is the project adjacent to a public garden and walking distance to a shopping mall, but it is within easy reach of the Expo 2020 site,” said CEO Saeed Al Qatami.

Deyaar, which reported a 2.6 per cent decline in net profit to Dhs65.m ($17.75m) in the first half of the year, announced progress on the Afnan and Dania districts in its Midtown development on Sunday.

The company was also linked to a potential merger with Union Properties earlier in the week.

The two firms were previously said to be close to combining in 2009 before the plans were halted by the financial crisis.

Union denied it was considering a merger on Monday.

Read: Dubai’s Union Properties denies reports of merger

Dubai’s property market has been hit by declining sales and rental prices in recent years.

The value of property transactions in the first half fell 15.9 per cent compared to the same period in 2017, from Dhs132bn ($35.93bn) to Dhs111bn ($30.2bn.

Read: Dubai property agents see 30% drop in commissions in H1

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