Durar Unveils Dh250m Project In Dubailand

UAE-based developer Durar Properties on Wednesday unveiled its first joint venture project - worth Dh250 million - with Abu Dhabi-based Ali and Sons and leading Saudi conglomerates. Durar 1 will be a 63,000 square feet, 19 storey twin tower development in the Residence complex in Dubailand. The total built-up area will be 287,000 square feet. The project comprises 236 units, ranging between one-, two- and three bedroom apartments. Prices start at Dh1,050 per square foot and reach around Dh1,175 per square foot on the 19th floor.

Durar 1 is a joint venture project between Durar Real Estate and Abu Dhabi developer, Ali and Sons. Durar 1 is due to be completed in December 2009. Saudi real estate and property investment groups, Zuhair Al Habib and Saleh Al Habib, will also invest in the project.Increased Saudi investment in the UAE has been driven by the emergence of government legislation aimed at protecting investors, which is steadily being refined to benefit more buyers, Zuhair Abdul Aziz Al Habib, director and chairman of Zuhair Al Habib, said at the launch.