Developers take on twin-track approach to sales
Leading developers are taking a twin-track strategy when it comes to selling off-plan. For the first phase of its 'Midtown' development, Deyaar confirmed it will engage both third-party brokers and do some of the selling through its in-house sales team. Sales of these units, expected to be priced under Dh1,000 a square foot, will go live next week.
''We did quite well selling direct units at The Atria [the upscale twin-tower project launched in Business Bay last year],'' said Saeed Al Qatami, Deyaar's CEO. ''But for the Midtown, we do have outside brokers trying to get sales using their own established channels.
''In the Dubai market, brokers always had a role to play and nothing will change overnight on that status. But having an internal team allows developers to build up a direct line with potential and existing clients. Better margins too when we sell direct.''
At the Midtown, located in the IMPZ (International Media Production Zone) cluster, Deyaar is sounding the possibility of bringing on board corporate investors who want properties for staff accommodation.
''The first phase has seven buildings, but there will be 27 in all across all of the phases,'' said Al Qatami. ''We have seen interest for employee quarters from investors, and it's possible some ofthe Midtown buildings will be given out for that.''
Dubai developers spread out their selling options