Iris launches Dh100m Dubai property project

Dubai-based Indian real estate developer Iris anticipates to boost its portfolio to Dh5 billion this year, as it announces the launch of its latest project, the Dh100 million Iris Asmar.

Iris Asmar is seven floors of residential buildings located in the Cultural Village.

It will consist of eight three-bedrooms and seven four-bedroom apartments. This is the fourth project of the company in Dubai, bringing the current portfolio Dh2.5 billion. Prices in Iris Asmar will begin at Dh2,835 per square foot and go up to Dh2,888 per square foot.

Ashwin Sheth, director of Iris Properties, said: "As the property market is rising at such a fast speed, the main concerns are finding good contractors and good consultants. Selling is not the challenge here. The challenge is to finish the project on time."

Two more projects will be started later this year, including one in April, in Business Bay and Maritime city, which will increase the company's Dubai portfolio to Dh5 billion spread over six constructions on four million square feet of land, including parking areas.