Deyaar hands over The Citadel, first commercial tower delivered in Business Bay
Seventh Deyaar project delivered in 2009, meeting company pledge
AED 700 million premium office tower comprises 565,000 square feet of office space and 29,000 square feet of retail
Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, announced today that it is handing over all units at The Citadel, its AED 700 million, 41-storey commercial tower located in the Business Bay master development. The Citadel is now the first commercial tower to be delivered by any developer in Business Bay, and is one of the first real estate projects of any kind to be handed over in this strategically located area of Dubai.
Fulfilling the companyâ€™s earlier stated commitment to hand over seven projects in 2009, The Citadel comprises 565,000 square feet of office space, including 406 state-of-the-art contemporary commercial units and 29,000 square feet of retail space. Located just minutes from Sheikh Zayed Road, the upcoming airport in Jebel Ali, and major shopping malls and business clusters in Dubai, facilities at The Citadel include 24-hour security and ample parking space, among others.
The Citadel is not only developed by Deyaar but also managed by the company â€“ one of the countryâ€™s largest and most experienced property managers. Deyaar is also managing five of the six projects it has handed over this year, which include Madison Residency in the Technology, E-Commerce and Media (TECOM) free zone and the Coral, Jade, Ruby and Sapphire Residences at Dubai Silicon Oasis.
â€œOn behalf of Deyaar, I am delighted to announce that we have completed the handover of The Citadel, the first commercial tower in Business Bay, fulfilling our promise to deliver seven projects this year,â€ said Markus Giebel, Chief Executive of Deyaar. â€œDespite the challenging environment in the sector, we have demonstrated that we will meet all our commitments to our customers â€“ and will continue to ensure their satisfaction as the manager of this nearly 600,000 square foot project. All of us at Deyaar are pleased to welcome tenants of The Citadel to the cityâ€™s newest business hub.â€
Deyaar Development PJSC is one of the fastest growing real estate companies in the region. Headquartered in Dubai, the company has grown significantly since its inception to evolve into a complete one-stop real estate solutions provider. Today, Deyaar stands at the forefront of the regional real estate sector, with interests in real estate development, property and facilities management, marketing and sales. Deyaarâ€™s strategic solutions and deep market insights have helped create exceptional value for its investors. The company currently manages over 16,000 commercial and residential properties. Its operations are divided across four key business units, vis-Ã -vis, property development, lease management, asset management, and fund management divisions. Deyaar is well positioned to play a pivotal role in the development of the region’s property landscape. The company complies with the Escrow legislation and all relevant property laws in the UAE. Deyaar is registered with the Real Estate Regulatory Authority under reference number 15/07.