Aurora announces project completion of Lyra valued at AED 85mn

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.