Dubai-based real estate developer Azizi Developments announced launching sales on Royal Bay Residence project.
The project includes one-bedroom apartments with prices starting from 2 million dirhams and two-bedroom units with prices starting from 4 million dirhams. It is located on the Crescent area in Palm Jumeirah, the project construction cost is expected to hit 350 million dirhams.
Farhad Azizi, the CEO of Azizi Developments reflected on launching the first affordable project in Palm Jumeirah saying that all developers are completely devoted to launching upscale developments in this area, however, Azizi is the first to build smaller homes with lower prices to be more affordable for medium-income customers.
Prices vary between 2,500 and 2,900 dirhams per foot. The company sold four floors in the prelaunch phase. The payments are split into 20% down payment and 80% on delivery.
It’s worth mentioning that Azizi Group is engaged in many business fields including real estate development, banking, oil trading, and many others.
Royal Bay Residence is the first venture for Azizi Developments and it is about to launch the second one during the summer. The company projects generating total revenues from the two projects of 1 billion dirhams.