Friday, March 09, 2007

Business Bay already sold out

According to the developer, Dubai Properties, all three phases of the freehold development, Business Bay, has already been sold out. On the whole more than 220 towers are likely to come up along the Dubai Creek extension, covering an area of 64 million Square Feet.

Business Bay, worth Dh.110 billion, was announced during the year 2004, and eighty percent of the development is said to have been sold out to investors and the rest twenty percent is planned to be developed by Dubai Properties themselves.

The Projects in Business Bay include Porsche Design Towers, The Executive Towers, Signature Towers, Vision Towers and more such projects. The reputation of the development, as a regional business hub has drawn attraction of various international, regional and local investors.

The CEO of Dubai Properties, Mohammad Bin Braik, stated that the Business Bay developers, being truly international, have a fast-track policy in execution of projects. The investment returns are quite rewarding for first-time investors, analyzing the resale returns that it would yield in the secondary market.

About thirty percent of the buyers are said to be from the international markets – US, Europe, Far East, and Australia, and another 30 percent are from GCC. About forty percent are corporate and local investors. A few major investors include Omniyat Properties, Damac Properties, Deyaar, Akaar Properties, Fortune Group, Credo Investments, Sungwon from South Korea, Bando Housing, and Tamiyat group based in Saudi Arabia.

Business Bay, which is located between Al Khail Road and Shaikh Zayed Road, is more or less is in the lines of Ginza of Tokyo or the Manhattan in New York, so as to provide the best commercial environment for outstanding companies, businesses and investors.

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