(MENAFN- Khaleej Times)Dubai: Deyaar Development on Monday announced the launch of Afnan District of its Midtown development at International Media Production Zone (IMPZ) and the developer would open bookings next week.
The project's total cost is expected to be between Dh2.5 billion and Dh3 billion and the first phase -- Afnan District -- will be completed in 2018 Deyaar Development chief executive officer Saeed Al Qatami told reporters at a news conference in Dubai.
The developer has already made payment for the land and it will need bank financing for around 30 per cent of the total project cost.
"Financing will not be difficult. Definitely there will be bank financing" the CEO explained.
He claimed that the project is for middle-income client but didn't disclose the pricing. "There will be good payment plan and wait until next week for pricing" he said. He revealed that there would be a metro station at the distance of around 1.5 kilometres in 2018.
Elaborating on the details he added: "Afnan District is a residential area with a children's playground retail spaces and a fitness centre all in close proximity for the convenience and peace of mind of the residents. The neighbourhood is set to create a green and aesthetically pleasing community environment by incorporating 400000 square feet of landscaped terrain."
Afnan District includes seven residential developments ranging from G+6 to G+16 buildings comprising a total of 659 apartment units in varying sizes. Divided into 132 studios 374 one bedroom apartments 143 two bedroom apartments and 10 three bedroom apartments the size of the units range from 425 to 2033 square feet and incorporate space optimising designs increasing usable space and decreasing wasted area within a unit.
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