Monday, December 17, 2018 4:14 AM

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Al Basel sells Dh175 million worth of properties from January 2016 to July 2018


Al Basel Real Estate Brokers, a leading real estate brokerage firm and part of the Al Basel Group, sold Dh175-million worth of properties for developer Deyaar, the company said in a statement.

 

It sold properties within Deyaar’s The Atria, Mont Rose, and Central Park projects in Dubai. Boasting robust partnerships with renowned property firms in Saudi Arabia and Abu Dhabi, the company owed its latest positive performance recorded from January 2016 up to July 2018 to the robust appetite of local, regional, and global investors for luxury, high-end real estate developments in the emirate. 

 

Al Basel earned Dh25 million for Mont Rose, a mega mixed-use development in DuBiotech, a life sciences cluster under TECOM Investments, located in Al Barsha South, Dubai. Handed over by Deyaar in May this year, the project comprises three towers, including two residential ones. Al Basel also reported earnings of Dh55 million for The Atria residential and hotel apartment tower in Dubai's Business Bay and Dh95 million for Central Park located at Dubai International Financial Centre.

 

The Atria is the second project completed by Deyaar in 2018, after the Mont Rose property. The company also manages the units in these three top developments bought by investors who want to lease their property to tenants looking for a premium space in the city.

 

Basel Al Kasem, Founder and CEO of Al Basel Group, said: “The substantial earnings recorded from January 2016 to July 2018 were the result of favourable and excellent market condition. This latest development could potentially make 2018 one of the biggest years for us. We started strong this year and we aim to sustain the significant growth pattern by consistently expanding our real estate portfolio. We are confident that we can maintain the positive results until the end of the year, buoyed by overwhelming response of investors to our handled projects as well as the steadily rising demand for high-quality, value-added property developments.”

 

Al Basel Real Estate Brokers is now managing apartments and villas of value exceeding Dh500 million on behalf of its investors. Its parent company, Al Basel Group, is looking to sustain its growth through extensive expansion initiatives in key markets such as Saudi Arabia and Abu Dhabi.