Dubai, United Arab Emirates: UAE-based boutique real estate development company Aurora Real Estate Development LLC has announced the completion of its new residential building, Lyra. Strategically positioned between Dubai Silicon Oasis, Dubai International Academic City and International City, the 112 rental-only apartment building targets the growing demographic of young expatriate professionals and students in Dubai.

Aurora is expanding its vision of affordable housing offerings by appealing to a wider clientele. Lyra is the second successful delivery for Aurora since its handover of Hyati Residence. The project was carried out as a collaborative effort of the wider ECC Group and its associated companies, providing an AED 85 million boost to Aurora’s already robust project portfolio.

Cian Farah, CEO of Aurora Real Estate Development, commented: “Aurora is continuing to evolve, establishing its position as a leading innovator for quality homes in the UAE real estate market. The growing demand for affordable living space is indicative of current market trends, and we are confident that Lyra’s offering will establish a new industry benchmark through its exemplary quality in both design and finishes. The development will have a direct and positive impact on the community as it expands to accommodate the growing demographic of young professionals and students into the Emirate.”

This new asset is the latest development in the Aurora project pipeline, following on from the success established by Hyati Residence, a 260,000 sq. ft. development in JVC, contributing in part to the existing AED 513 million portfolio of over 400,000 sq. ft. delivered to date.

Lyra comprises 36 studios, 65 one-bed and 11 two-bed apartments and 4 retail units, with a stunning reception entrance. The building totals 9 floors of accommodation and includes a roof terrace with a variety of amenities accessible to residents.

Farah concluded: “Projections over the next several years indicate that there will be an annual increase in the number of students studying in the UAE with the new five-year student residency visa being proposed and a 10-year visa for exceptional students. We envision that this trend will continue as the UAE continues to build its infrastructure catering to long-term residents and the growing demographics of students and young professionals.”

Lyra demonstrates yet another successful case study as a combined effort of ECC Group and its associated companies, the first being Hyati Residence, a milestone project for Aurora. ECC Group’s efficient business model allows them to offer clients the best quality, price and end product by combining the efforts and strengths of the various construction-related companies within the group.

ECC was appointed as the main contractor for Lyra, Abanos as the Interior fit-out and joinery subcontractor, Prime Metal Industries (PMI) as the steel and aluminium subcontractor and CoreServ, the group’s facilities management arm undertaking the ongoing maintenance and upkeep of the apartment building.

-Ends-

About Aurora Real Estate Development:

Aurora is a boutique private investor and property developer in the UAE with a robust culture and ethos of quality, transparency and attention to detail that offers a personalized service in delivering creative concepts at an affordable price.

Founded in 2013, Aurora was established to address a need in the market for efficiently designed contemporary spaces that are tailor-made, primarily in the residential property market. To date, Aurora has delivered 400,000 sq. ft. of primarily residential developments over 5 projects and currently holds more than a 720,000 sq. ft. of new developments in the pipeline.

As part of the company philosophy, Aurora is meticulous in its aim to enrich the Emirates by providing personalized projects of exceptional value, while exceeding the unique requirements of clients and stakeholders. Aurora undertakes its own projects, but also has a consultancy arm able to manage property developments on behalf of its clients. Furthermore, the company adopts a strict attitude to controlling financial and process risks to ensure that its clients achieve the best results.

Aurora’s business model is to build creatively designed and superbly constructed homes and to maintain a growing portfolio of high yielding assets which are limited to the volatility of the speculative market.

In addition to undertaking its own developments, Aurora is also licensed to manage developments on behalf of its clients - the company uses its extensive development and project management experience to guide its clients efficiently from the inception of the project to its completion and sale.

Connect with us on:

Twitter: @EstateAurora

Instagram: @aurorarealestatedevelopment

LinkedIn: https://www.linkedin.com/company/aurora-real-estate-development/

Facebook: https://www.facebook.com/aurorarealestatedevelopment/

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.