Azizi Developments Introduces New Residential Projects in Dubai
The Afghan real estate developer, Azizi Developments added that they are looking forward to deliver thousands of apartments in Palm Jumeirah at their new project Nakheel’s Al Furjan. It is the plan of over Dh 4.5 billion. Mirwais Azizi, the chairman of the company, also owns Afghanistan’s second largest commercial bank. According to him, the company is looking forward to develop 15 blocks of apartments in this project on the outskirts of the city. Azizi Developments is the company which was hurt by the worldwide financial crisis. Around 8 months ago, they cancelled four of their Al Furjan projects by prompting Rera and started the work of construction on first 5 complexes in Al Furjan project.
Azizi Liatris, Azizi Iris, Azizi Yasmine, Azizi Orchid and Azizi Feirouz are the blocks and each block has 100 apartments. All of these blocks are proposed to be completed by the end of 2015 by the contractors Modern Construction Company and SS Lootah. According to the company, they have sold 99 apartments in Iris and 70% of the units in the rest of 4 blocks at Dh 925 per sq. ft. on average. At the exhibition of International Property Show in Dubai, Azizi added that they are seeking to start selling the next batch of 12-storey complexes. These 5 towers will be available for sell within the next three months. They are planning to develop in Al Furjan and a 90-apartment block at the Crescent of Palm Jumairah.
For the developer, the market is never going to slow down, according to senior advisor, Mohsen Kamel. Azizi Developments owned 12 plots in 2007 in Al Furjan. But they ended up giving up their plans because of the global financial crisis. They returned to real estate market in 2013 in Dubai because they are redesigning their towers to add more floors. They have bought 12 plots from Nakheel, a plot for hotel in Healthcare City, and 3 plots on Palm Jimeirah. According to the developer, they eventually plan to introduce other 5 huge apartment complexes which have around 150 units in each and a hotel spreading over 700,000 sq. ft.