A 70-story residential tower added to the Dubai skyline

Dubai-based Deyaar has announced plans to construct a AED1 billion ($272.3m), 70-storey residential smart skyscraper in the emirate’s Business Bay district.

The developer revealed proposals to break ground on the skyscraper, named Regalia, in August 2021, with a projected completion date of December 2024.

What will be the tallest skyscraper that Deyaar has ever built, Regalia will boast an Olympic-size infinity pool, a yoga pavilion, an outdoor winter cinema and numerous social amenities.Saeed al Qatami, CEO of Deyaar Development, said: “We are pleased to launch Regalia, our flagship skyscraper that will set a new benchmark for high-end urban living in the heart of the city.”

The announcement comes after a substantial AED216.7 million ($59m) net loss for Deyaar in 2020 due primarily to the coronavirus pandemic’s derogatory effects on the emirate’s tourism and real estate industries.

However, the first quarter of 2021 produced AED15.1m ($4.1m) in net profits for the developer. These gains can be ascribed to the growing property demand in Dubai as vaccines roll out globally.

Dubai real estate sales have hit a four-year high in the past few months as a recuperating tourism sector contributes to the economic recovery of the emirate. The emirate’s real estate market investments have already reached AED36bn ($9.8bn) this year, with average residential property prices seeing an increase of up to 5.4 percent in 2021.