Azizi Development, the UAE-based private developer, has announced that it has sold 95% of its residences in Phase One of Riviera, its flagship residential project in Dubai, recording sales of more than $582 million.
In a statement, Azizi said that Phase One of Riviera comprises of 3,589 residences in 18 towers, consisting of 2,461 studios, 935 one-, 111 two- and 82 three-bedroom units. The developer added that phase one is expected to be completed in 2020.
A waterfront lifestyle destination located in Mohammed bin Rashid City, Riviera will consist of 71 mid-rise buildings, with more than 16,000 residences spread across three districts – an extensive retail boulevard, a canal walk with eateries and boutiques, and Les Jardins – a green social space.
Phase One has a total built up area of 375,541sqm and a total gross floor area of 180,854sqm, Azizi added.
CEO Farhad Azizi said: “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. We have achieved significant milestones in the development of this project and are well on track for completion.”
The CEO added that the developer had achieved a similar investor response for its Al Furjan residential development, with 12 of its 22 projects there sold out.