Deyaar Development, the region’s fastest growing real estate company, has announced the complete sell out of Oakwood Residency, its Dh450 million ($122.5 million) residential tower on the launch day on Monday.

All the 344 units in the 18-storey tower to come up at the International Media Production Zone (IMPZ) were sold before the close of the day, said a Deyaar official.

The project launch was attended by a large number of customers eager to purchase a property within Deyaar’s latest real estate undertaking.

Saeed Al Qatami, Deyaar’s managing director - UAE Business, said: “The swift sell out of our newest residential tower, Oakwood Residency, reflects the ongoing high level of investor confidence in Deyaar’s projects.”

“We are very pleased with this substantial endorsement by our customers, who clearly demonstrated their trust in Deyaar’s product offerings,” he added.

He said the project’s rapid sale was a genuine vote of confidence by its clients, and a testament to their strong belief in Deyaar’s transparent pricing, on-time delivery and attention to detail.

“2008 will witness the launch of a number of exciting Deyaar real estate ventures in the UAE and several international markets. We are confident that, going forward, our projects will continue to meet our esteemed clients’ demand for high-value investments,” he said.

Oakwood Residency offers 344 one- and two-bedroom apartments, some of which include maid’s accommodation and a study room.

Set amidst a state-of-the-art residential and business community, the tower will feature a wide range of amenities, including a fully equipped gymnasium, separate sauna and steam rooms for men and women, a rooftop swimming pool, ample parking space and 24-hour security.

Oakwood Residency is scheduled for delivery by the second quarter of 2010, with construction already underway.

Deyaar, the owner of the largest land bank at IMPZ, is due to launch an iconic master planned community on a large cluster of land while initiating a shift towards developing mega-community style projects.-TradeArabia News Service