The local Deyaar Development has launched the first phase of its AED3bn Midtown project in Dubai.  

Phase one will comprise the Afnan district and include 659 apartments spread over seven buildings. The apartments will be divided into 132 studios, 374 one bedroom, 143 two bedroom and 10 three bedroom dwellings.

The overall development will consist of 27 buildings with residential, retail and hospitality amenities in Dubai’s International Media Production Zone (IMPZ).

Deyaar’s CEO Saed al-Qatami told MEED that all infrastructure and utility work has been completed by the master developer, IMPZ.

The UK’s Hyder Consulting has been appointed as lead consultant with the local U+A Architects as the lead architect for the project.

The tender for construction work is yet to be launched, with the contract expected to be awarded by the final quarter of this year. Construction is set to start in the first quarter of 2016 with completion expected in September 2018.

Deyaar is expecting to raise up to 30 per cent of the required funds through local banks.

On 30 August, Deyaar announced that it had signed a Memorandum of Understanding (MoU) with Turkey’s Ascioglu Group to develop major real estate projects in the region.

The MoU will see the two firms press ahead with developments in both the UAE and Turkey, according to a Deyaar company statement.

Al-Qatami told MEED that “the agreement will first see Asciolgu Group invest in Dubai and then we will look at the Turkish market”. He also said the Turkish firm may invest in other phases of the Midtown project.

In 2014, Deyaar expanded its development portfolio beyond commercial and residential properties to include a portfolio of hospitality projects such as the Atria and Montrose in Dubai.

In March, MEED reported that Deyaar had awarded Dubai-based contractor Al-Rostamani Pegel the construction contract for work on the luxury mixed-use, twin-tower, development in Dubai.

The Atria, located in the Business Bay area, will be built over an area of 366,000 square feet and will comprise serviced apartments and residential units. The serviced apartment tower will feature studios, one-, two- and three-bedroom apartments, and three-bedroom duplex units across a 30-floor complex.