UAE-based private developer Azizi Developments has sold 95% of its residences in Phase 1 of its Riviera waterfront-lifestyle destination located in the heart of Mohammed bin Rashid City, with transactions worth more than $582m (AED2.138bn).
Phase 1 of the Riviera development comprises 3,589 residences in 18 towers, including 2,461 studios, 935 one-bedroom, 111 two-bedroom, and 82 three-bedroom units, which are expected to be completed in 2020.
The development’s Phase 1 comprises a total built-up area of 375,541m2 and a total gross floor area of 180,854m2.
The prices of studios start in Phase 1 of the Riviera project start at $137,490 (AED505,000); one-bedrooms at $198,748 (AED730,000); two-bedrooms at $291,000 (AED1.069m); and three-bedrooms at $330,520 (AED1.214m).
Once complete, the waterfront-lifestyle destination will include 71 mid-rise buildings with more than 16,000 residences located in the midst of the business and leisure hubs of Dubai.
The homes offer views of the city’s skyline and focuses on space, spread across three districts: a retail boulevard, a canal walk with eateries and boutiques, and Les Jardins — a green social space.
Commenting on the investor response to the residential development, the chief executive officer of Azizi Developments, Farhad Azizi, said: “We have achieved significant milestones in the development of this project and are well on track for completion. The phenomenal investor response to Riviera for its central and strategic location, remarkable array of amenities, and convenient payment plans underlines its standing as one of the most sought-after residential destinations in the city.”
Azizi Developments has achieved similar investor response in Al Furjan. Of its 22 projects in Al Furjan, 12 have sold out, with the rest selling out swiftly, the developer confirmed.