Arady Developments Announces Successful Sale of All Phase-I Residential Units Offered at Central Park Sales Event

• Event Draws Record Number of Investors

Dubai-UAE: 17 September, 2013 – Arady Developments (LLC), a joint venture between Deyaar Development PJSC (Deyaar) and Dubai Properties Group, today announced its two-day exclusive sales event registered record sell-out of the limited number of units released in phase-1 of its Central Park Residences project.

The exclusive event, held on 14 and 15 September, drew an impressive number of regional and global investors looking for on-the-spot booking of properties. Held at the Ritz-Carlton Hotel in Dubai, the event featured plush studio, one and two bedroom apartments, as well as duplex and triplex penthouses from the Central Park residential tower.

Arady Developments' partnership with Dubai Islamic Bank for the Central Park Residences project served as a distinctive value-addition to potential investors looking for attractive funding options.

Arif Mubarak, CEO, Arady Developments LLC, said: “The phenomenal response from investors for phase-I firmly reiterate the strong growth trends witnessed by the UAE's real estate sector. Amidst such buoyant market sentiment, we at Arady Developments are glad to bring an upscale project such as the Central Park Residences. The property reflects our commitment to providing investors with exemplary investment opportunities.”

Located in a prime area in DIFC, off Sheikh Zayed road, the Central Park residential tower is spread across nearly 575,000 sq ft and comprises 426 apartments. Insightfully conceptualised to reflect the upscale lifestyle of its residents, the tower is part of Arady's ambitious Central Park project, a unique development that directly connects to the retail and F&B outlets at DIFC. The project spans over 1.57 million square feet of commercial and residential space. With nearly 80 per cent of the development complete, Central Park is scheduled to come online in the second half of 2014.