UAE-based Azizi Developments is set to build an AED430M ($117M) mixed-use development in the district of Al Furjan, Dubai.

The development, named The Plaza, will feature residential, commercial and retail space with fully-furnished serviced apartments.

The property will have 59,760sq ft of space, comprising 434 units with 286 studios, 46 one-bedroom apartments and 102 two-bedroom apartments. It will also include 9,400sq ft of retail space.

Azizi Developments CEO Farhad Azizi said: “Azizi Plaza is another project in our line of ‘affordable luxury’ apartments that have been popular with investors and clients in the past.

“It has been earmarked as a good time for investment in real estate and we at Azizi Developments hope that investors would place Azizi Plaza at the top of their lists.”

The project is expected to be wrapped up by 2018, the developer said.