Deyaar Development is planning to build a Sharia-compliant hotel and furnished apartment tower in the Al Barsha area of Dubai.
The company confirmed the project, estimated to cost around AED450 million (US $123 million), in a statement to the Dubai Financial Market.
Deyaar owns two adjacent plots of land in Al Barsha spanning a total of 71,000 square feet.
“The project is in the preliminary design stage,” it added in its statement.
| Advertisement |
Earlier this week, Deyaar launched a new project in Dubai called Montrose, featuring a hotel apartment tower and two residential towers.
The development will be located in DuBiotech, with the hotel apartment tower set to feature 88 studios, as well as 68 one-bedroom and 24 two-bedroom units.
In March, the company said it had allotted up to one million square feet for hotel and serviced apartment projects in prime locations in the city in the coming years.
Search our database of more than 2,700 industry companies
