02/04/2018 05:39 AST
Deyaar Development, one of Dubai's leading property developers and real estate service providers, said it has won the prestigious Best Real Estate Project - Affordable Housing Award for Midtown at the Gulf Real Estate Awards 2018.
Midtown is a contemporary 1.2-million-sq-ft mixed used development with a built-up area of more than 5.7 million sq ft in Dubai Production City, close to the Al Maktoum International Airport.
The masterplan is developed on an urban village concept, served by a massive central garden on the podium level and a public retail and restaurants space at the ground level, anchored by hospitality developments. The conveniently located development is in close proximity to Dubai metro stations, schools, and shopping centres, as well as Mohammed Bin Zayed Road.
On the win, CEO Saeed Al Qatami said: "This award is a source of pride for the Deyaar family. Winning the Best Real Estate Project - Affordable Housing Award is testament to the innovation, dedication and teamwork of all our colleagues and Deyaar's commitment to delivering the highest standards for our customers and shareholders. We will continue to enhance our offering, and contribute to the UAE's ambition for a strong economy and a cohesive society."
Deyaar offers flexible payment plans across all the three phases including the first instalment, construction payments, and post-delivery payments to encourage investment in the growing real estate sector in Dubai.
Midtown caters to the affordable housing market segment with more than 63 per cent of units available for less than Dh750,000.
Deyaar unveiled the first phase of Midtown, the Afnan District, in 2015, and the second phase, the Dania District, in 2016, said the company in its statement.
The Afnan District features seven residential developments, comprising 659 apartment units, and the Dania District features six residential buildings, comprising 579 apartments. With over 90 per cent of the units sold, Deyaar is preparing to launch the third district later this year, it added.
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