Abyaar Real Estate Development, a Kuwait-listed company, has sold 50 per cent of the Dh360 million Pier 8 project in Dubai Marina to an Emirati investor. The value of the deal has not been finalised, but only an agreement to sell the stake has been reached, he added. Industry experts told this newspaper the sales value could be in the range of Dh500 to Dh550 million.
"Although we have been in talks with Kuwaiti banks for getting finance for the project, we decided to sell 50 per cent of our project to a local businessman. He will be part funding the project," the official, who did not wished to be named, said in a telephonic interview.
The 40-storey Pier 8 in Dubai Marina features 234 apartments plus three townhouses and two penthouses. The project has reached the 16th floor, but no new timeline has been set for completion, the official added.
Dubai rentals
No comments:
Post a Comment