Monday, February 21, 2011

More U-Bora Towers units on sale at Business Bay

The developer of U-Bora Towers in Business Bay, the Bando Housing Corp, a South Korean company, will soon put on sales the remaining 100 residential units that were unsold while the local real estate market crashed in late 2009.

The developer has already completed the huge mixed-use development at Business Bay and has got utility connections in place. There are 225 apartments constituting the residential portion of the property, with the ones that were sold during their peak having fetched more than Dh.1200 per sq.ft.

According to J.M.Park, the Project Manager for U-Bora Towers, the units will be priced at starting rate of Dh.1000 per sq.ft., for the available units, given the location and the quality of the building.

Even if there are no buyers for all of the units, it could be made available for rent, or there are several other options that are open, Park said.

The U-Bora Towers, worth Dh.1.65bn, has a plot are of 19,833sq.mts. It is one of the more substantial ones in Business Bay, with built-up area of 228,400 sq. mts., and with offices comprising 97,900sq.mts and residences comprising another 37,000 sq. mts. It offers a total of 225 apartments, with 111 single bedroom units and 87 double bedroom units.

Business Bay, being one of the prime locations for a mixed-use development, potential buyers will surely appreciate it, Park said.

Apart from U-Bora Towers, there are several other privately-owned projects in Business Bay that are nearing completion in the next one to two years. One of the factors to be noted is whether there are sufficient buyers willing to commit Dh.1000 or more per square foot in the master development.

However, although with a slow start, Business Bay is beginning to draw a growing base of residents, with several of them residing as tenants, particularly at the Executive Towers by Dubai Properties.

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