UAE – Mubasher: Ellington Properties, a Dubai-based award-winning design-led boutique developer, on Monday announced it has signed an AED 150 million agreement with leading entrepreneur Abdul Razeq Abdul Ahad, through Déjà Vu Real Estate, a leading real estate brokerage.
Under the agreement, the two parties will work jointly to build a new residential tower in a central location in Dubai, according to a press release.
Abdul Razeq Abdul Ahad commented: “Déjà Vu Real Estate recommended Ellington Properties for this significant investment in Dubai’s property sector based on its insightful understanding of the industry. We trust Ellington’s competencies in building design-centered homes for the new generation that will secure strong returns.”
Moreover, Nitin Bhatnagar, co-founder of Ellington Properties, said: “This partnership is in line with our strategy of building up to 1,000 residential units annually, which will meet the aspirations of customers, who value the distinctive Ellington proposition. We are focused on expanding our portfolio through such strategic partnerships that enable us to deliver the right product offering at the right prices in the market.”
Work on the new residential tower’s design and master-plan will commence shortly, Ellington indicated.
This partnership will add to Ellington’s growing portfolio of projects in Dubai, which includes popular developments such as Belgravia II, Belgravia Heights II, and Belgravia Square.