Deyaar, Asçioglu Sign Deal for $817M Midtown Project

Wednesday, 25th May 2016

Deyaar Development, a Dubai-based real estate developer, announced its partnership with Asçioglu, a Turkish developer, for the $817 million Midtown Development in Dubai, reported Construction Week Online.

Asçioglu will market the tower in the Dania District of Deyaar’s Midtown Project to Turkish investors wishing to invest in the UAE real estate sector, stated to Arabian Business.

The Midtown project covers an area of 1.2 million square feet and is located in Dubai Production City, close to the Jebel Ali Port and Al Maktoum International Airport,according Gulf News.

The tower in Dania will be designed with the needs and tastes of the Turkish customers, according to a statement by Deyaar.

“We set out with the objective of making “Selenium” a world brand. After Istanbul, we chose Dubai. Thanks to Midtown by Deyaar, we have brought a prominent Turkish housing brand, Selenium, abroad for the first time,” said Yasser Aşçıoğlu, Chairman of Aşçıoğlu Group.

The Asçioglu, founded in 1967, has many residential units using their brand Selenium, such as the existing Selenium Towers in downtown Istanbul. The partnership with Deyaar will be the first venture of Asçioglu overseas.

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