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MarketScreener Homepage  >  Equities  >  DUBAI FINANCIAL MARKET  >  Dubai Investments PJSC    DIC   AED000601016

DUBAI INVESTMENTS PJSC

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Dubai Investment : DIRC to begin Mirdif Hills project handover next month

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06/26/2019 | 09:58am EST

Dubai Investments Real Estate Company (DIRC) said work on its Dh3-billion ($816 million) freehold mixed-use project, Mirdif Hills, was progressing at a steady pace and on schedule for handover next month.

DIRC is a subsidiary of Dubai Investments, a leading, diversified investments company listed on the Dubai Financial Market.

Strategically overlooking Dubai’s Mushrif Park with close proximity to Dubai International Airport, leading business districts and shopping malls, Mirdif Hills is replete with lifestyle attractions including a four-star hotel by Millennium Hotels & Resorts with 116 rooms and 134 serviced apartments, retail units, a 230-bed hospital and around 1,500 apartments – a mix of studio, one, two, three-bedroom apartments and duplexes, the company in a statement.

With the Phase One of the Mirdif Hills project now ready for handover, Janayen is 98 per cent completed while the overall progress on the clusters Multaqa, Nasayem are at 55%, 96% respectively, it added.

The sales of Mirdif Hills, launched in December 2017, received phenomenal response from investors and end users, reiterating a great endorsement of not only the project features but also of Dubai Investments and DIRC's efficiency track record, said a top official.

"It is gratifying to see the efforts finally ready to yield results. As per the recent updates by Dubai Land Department (DLD), there is a healthy demand from buyers and investors who are benefitting from legislation and investment incentives recently announced by the Dubai government to make the emirate a preferred investment destination," remarked Obaid Mohammed Al Salami, the general manager at DIRC.

"In line with this growing demand, the Mirdif Hills project is designed to offer the investors an ideal investment option and has led to the development of projects targeted at expatriate investors and end users," he stated.

With Mirdif Hills marking an iconic project by Dubai Investments and DIRC, setting new benchmarks in freehold mixed-use developments in Dubai, impressive financing options have been provided to enable an ideal financing option for property investments, he added.

The exclusive mortgage plan currently on offer includes financing upto 80% and possession of the flat with 20% down payment with the latter to be repaid in easy installments with attractive financing facilities.

Inspired by French architect, ‘Le Corbusier’ and based on his ‘Immeuble Villa’ vision of many villas in a single vertical building. With its central location, only 10 minutes from Dubai International Airport and its superb connectivity to all the business districts and leisure attractions in the city, Mirdif Hills has recorded strong investor response from UAE-based and international investors.

With Janayen Avenue located around a gated garden with wide walkways, and other lifestyle attractions, which comprises a mix of residential units of one, two, three bedroom apartments and three and four bedroom duplexes, the Nasayem Avenue is situated at the centre of the masterplan, and is surrounded by a gated community garden and a mix of residential buildings ranging from two and three bedroom apartments to three and four bedroom duplexes.

Likewise, made up of seven blocks, Al Multaqa Avenue sits at the centre of the Mirdif Hills masterplan. Its 279 homes are distributed across three buildings, and span the studio, one-, and two-bedroom layouts. A 116-key Millennium Hotel with 134 serviced apartments, restaurants, and retail space is also being developed, said the statement from DIRC.

Aesthetically, the entire development has been designed as a place where residents can enjoy a vibrant social community with gardens, promenades, walkways and raised landscapes, including a number of leisure and entertainment facilities, it added.-TradeArabia News Service

(c) 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
DUBAI FINANCIAL MARKET (DFM) P.J.S.C 2.33% 0.88 End-of-day quote.-9.28%
DUBAI INVESTMENTS PJSC 0.00% 1.27 End-of-day quote.-2.31%
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Financials (AED)
Sales 2020 3 084 M
EBIT 2020 732 M
Net income 2020 542 M
Debt 2020 4 143 M
Yield 2020 7,48%
P/E ratio 2020 9,77x
P/E ratio 2021 7,47x
EV / Sales2020 3,09x
EV / Sales2021 1,62x
Capitalization 5 400 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 1,45  AED
Last Close Price 1,27  AED
Spread / Highest target 30,7%
Spread / Average Target 13,9%
Spread / Lowest Target 2,36%
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NameTitle
Khalid Jassim Mohammed bin Kalban Chief Executive Officer, MD & Executive Director
Sohail Faris Ghanim Al Mazrui Chairman
Krishnamurthy Sundaresan Chief Operating Officer
Mushtaq Masood Group Chief Financial Officer
Hussain Mahyoob Sultan Al-Junaidy Vice Chairman
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