Ellington Properties, Dubai’s leading and award-winning design-led boutique developer, has signed a deal valued at Dh150 million ($40.48 million) with leading entrepreneur Abdul Razeq Abdul Ahad, through Déjà Vu Real Estate, a leading real estate brokerage, to build a new residential tower in a central location in Dubai.
The agreement was signed by Abdul Ahad, who has strategic business interests globally in diverse sectors, with Joseph Thomas, managing director, and Nitin Bhatnagar, co-founder of Ellington Properties, in the presence of Ahid Shaikh Mohammed, chairman of Déjà Vu Real Estate.
Design and master-planning for the new residential tower will commence shortly, and more details will be announced in due course, a statement said.
Abdul Ahad said: “There is significant potential to develop the right real estate developments, which require the expertise of proven developers such as Ellington. Déjà Vu Real Estate recommended Ellington Properties for this significant investment in Dubai’s property sector based on its insightful understanding of the industry. We trust Ellington’s competencies in building design-centered homes for the new generation that will secure strong returns.”
Bhatnagar said: “This agreement further underlines the trust of investors and leading property management companies such as Déjà Vu Real Estate in our ability to develop and deliver exceptional lifestyle environments that create added value for all stakeholders. This partnership is in line with our strategy of building up to 1,000 residential units annually, which will meet the aspirations of customers, who value the distinctive Ellington proposition. We are focused on expanding our portfolio through such strategic partnerships that enable us to deliver the right product offering at the right prices in the market.”
Mohammed said: “As Dubai’s leading real estate service firm, we value our partnerships with developers such as Ellington Properties that has brought a true difference to the market. A global entrepreneur, Abdul Razeq Abdul Ahad was seeking a trusted developer to invest in real estate development in Dubai. With its track-record of delivery, we see Ellington as a partner of choice for a milestone project that will also benefit from our expertise in property management.”
The new partnership by Ellington will further add to its growing portfolio of projects in Dubai. Ellington’s developments include the popular Belgravia II, handed over recently; Belgravia Heights II, launched in June 2018; as well as Belgravia Square. Wilton Terraces and Wilton Park Residences in MBR City (Meydan), and DT1, located in close proximity to Downtown Dubai and Business Bay, are other flagship developments by Ellington Properties – all assuring strong return on investment and a vibrant lifestyle for residents.
Deja Vu Real Estate is one of the region’s leading real estate companies offering comprehensive and professional property services to corporations, investors and individuals across the globe. Known for its superior service, Déjà Vu is af?liated with some of the largest real estate entities in Dubai and abroad.
Source: TradeArabia News Service
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