Deyaar launches offplan sales at Dh750m tower
INDIAN BILLIONAIRE RAVI PILLAI-OWNED GULF ASIA GETS ‘REGALIA’ CONTRACT
The developer Deyaar is taking the honours for the city’s first super-tall structure after the pandemic — a Dh750 million 70-storey structure in Business Bay. Offplan sales for the ‘Regalia’ have been launched, with investors needing to pay an upfront 10 per cent and pay the rest via a seven-year instalment.
Deyaar has not mentioned the exact height, but only said that it will be taller than anything it has built to date. In keeping with the times, the project, to be completed in 2024, will have an outdoor winter cinema.
Currently, the tallest structures at Business Bay are the JW Marriott Marquis Dubai, which at 355 metres is the second tallest hotel in the world. (The tallest building, Burj Khalifa, is at 828 metres.)
RP Group’s win
The project has been awarded to Gulf Asia Contracting, part of the RP Group owned by Indian billionaire Ravi Pillai. According to Khalid Ababneh, Vice-President — Projects and Commercial, Deyaar, “When appointing a main contractor, we look for a strong reputation for high quality, sustainability and on-time delivery along with an excellent health and safety trackrecord. We are pleased to award Gulf Asia Contracting the main package for Regalia.”
Diverse interests
The RP Group itself has towers of its own under development in Dubai. But the project side of the business has extensive interests in the oil and gas sector in Saudi Arabia and Bahrain, as well as in UAE. “We are proud of our track record for delivering high-quality projects on time, within budget and in line with the highest health and safety standards,” said Vinod Pillai, Country Head of RP Group.