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Deyaar to introduce AED1bn high-rise to the Dubai skyline

Deyaar to introduce AED1bn high-rise to the Dubai skyline

Tallest skyscraper that Deyaar has ever developed, in Business Bay, will boast an Olympic-size infinity pool, a yoga pavilion, an outdoor winter cinema and numerous social amenities Dubai-based Deyaar has announced plans to construct a AED1 billion ($272.3m), 70-storey residential smart skyscraper in the emirate’s Business Bay district. The developer revealed proposals to break ground

Tallest skyscraper that Deyaar has ever developed, in Business Bay, will boast an Olympic-size infinity pool, a yoga pavilion, an outdoor winter cinema and numerous social amenities

Dubai-based Deyaar has announced plans to construct a AED1 billion ($272.3m), 70-storey residential smart skyscraper in the emirate’s Business Bay district.

The developer revealed proposals to break ground on the skyscraper, named Regalia, in August, with a projected completion date of December 2024.

What will be the tallest skyscraper that Deyaar has ever built, Regalia will boast an Olympic-size infinity pool, a yoga pavilion, an outdoor winter cinema and numerous social amenities.

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Saeed al Qatami, CEO of Deyaar Development, said: “We are pleased to launch Regalia, our flagship skyscraper that will set a new benchmark for high-end urban living in the heart of the city.”

The announcement comes after a substantial AED216.7 million ($59m) net loss for Deyaar in 2020 due primarily to the coronavirus pandemic’s derogatory effects on the emirate’s tourism and real estate industries.

Saeed al Qatami, CEO of Deyaar Development.

However, the first quarter of 2021 produced AED15.1m ($4.1m) in net profits for the developer. These gains can be ascribed to the growing property demand in Dubai as vaccines roll out globally.

Dubai real estate sales have hit a four-year high in the past few months as a recuperating tourism sector contributes to the economic recovery of the emirate. The emirate’s real estate market investments have already reached AED36bn ($9.8bn) this year, with average residential property prices seeing an increase of up to 5.4 percent in 2021.

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