A commercial apartment complex is planned to be built in Dubai by the spring of 2021, the company’s press service announced on Tuesday.
It was specified that Becar's partner in the project will be Sol Properties Development while the contractor will be Bhatia General Contracting Company. Investments in the project, taking into account the acquired plot of land, as well as designing and development activities, will amount to over $30 million.
The apartment complex will be located in the International Media Production Zone on three adjacent land plots with a total area of 0.6 hectares bought by the Becar Group a year and a half ago for $7.5 million. The complex itself will occupy 17,200 square meters and will consist of three towers. The project will be implemented in a residential living and co-living format.
“NAI Becar is planning to withdraw from the project over the course of three years, earning 30% per annum. The proceeds will be allocated to new projects under the brand of Vertical with our co-investors in the same market,” the president of the Becar Asset Management Group, Alexander Sharapov, was quoted as saying.