UAE developer Aurora completes Dhs168m Hyati Residence in Dubai’s JVC

UAE property developer Aurora has completed its Dhs168m ($45.7m) Hyati Residence project in Dubai’s Jumeirah Village Circle, it announced on Wednesday.

The project includes 122 apartments and 20 townhouses, with all except seven units already sold out, a statement said.

The apartments consist of six studios, 82 one-bedroom apartments and 34 two-bedroom apartments.

The townhouses feature four bedrooms with a double car space and a terrace on the second floor. The corner townhouses also have a garden area on the ground floor with access to a 10-metre long private lap pool.

The apartments include Bosch appliances, porcelain tiles from Turkey and melamine joinery cladding from Spain. Aurora also offered buyers bespoke refurbishment through ECC Renovations for minor structural changes to kitchens and bathrooms.

Amenities include a gym and a swimming pool on the roof.

Aurora said it has now started construction on its second project in JVC, Hyati Avenue project.

The eight-storey project will include 103 units and 19 townhouses, all targeted for completion in December 2019.

Cian Farah, CEO of Aurora Real Estate Development, said: “We are also set to deliver a new apartment complex called Lyra by Aurora, in Warsan 4 close to Academic City, specifically catering to young professionals and students.

“To date, Aurora has completed projects valued at Dhs275m, consisting of Hyati Residence, Ritz Residence, and F01, with another Dhs238m under construction, namely Hyati Avenue and Lyra by Aurora.”

Dubai’s property market has seen a slump in prices in the last few years, with the value of property transactions in the first half of the year dropping by 15.9 per cent to Dhs111bn ($30.2bn) compared to Dhs132bn in the same period in 2017.

Read: Dubai property transactions drop in the first half of 2018

Data from listings site Bayut.com also showed that sales prices were down up to 8.8 per cent in some areas from the second half of last year to the end of the first half of 2018.

Credit ratings agency S&P said in a February report that it expected Dubai’s real estate slump to continue for another two years.

Read: Dubai real estate slump to continue for another two years – S&P

However, earlier this week, Danube Properties announced that its Lawnz project in International City was completely sold out.

The Dhs550m project, which includes 1,032 residential units, targets the affordable segment with prices starting from Dhs290,000 for a studio apartment.

Read more: Dubai’s Danube Properties says 350 units in Lawnz project sold out in four hours