Dubai: Dubai-based Saudi property developer Deyaar says its Dh362 million commercial project, Metropolis, sold out in less than a week - a sign of healthy demand for office real estate.

Located in Business Bay, the 22-floor tower includes 318 office spaces and two duplex offices. It is scheduled for completion in mid-2008.

Deyaar claims to be the single largest developer on Business Bay. The company has recently stepped up its rate of acquisitions for plots, taking its total land bank to more than Dh3 billion.

"Deyaar's strategy of defining spaces to match customers' expectations has paid off handsomely. In fact, 80 per cent of our sales are on repeat and referral basis," said Zack Shahin, Deyaar's CEO.

Deyaar says its higher sales, supplemented by strategic initiatives, spurred a 192 per cent growth in net profits at Dh412 million in 2006. Sales stood at Dh3.2 billion in 2006 compared to Dh1.7 billion in the previous year, the company reported.

So far, Deyaar has launched 17 towers. Aside from these, the company is pursuing opportunities in high-potential markets including Saudi Arabia, India, Kazakhstan and Turkey. Meanwhile, some of Deyaar's projects in Lebanon and Turkey are nearing completion, officials said.

Deyaar Development PSC was established in 2001 as a wholly owned subsidiary of Dubai Islamic Bank. Its interested include development, property and facilities management, as well as brokerage, marketing and sales.