Thursday, March 05, 2015

ICD to build $1billion development at DIFC

Investment Corporation of Dubai (ICD), the state’s sovereign wealth fund has partnered with Brookfield, the Canadian property manager to build $1billion development in the heart of the emirate’s financial district, a report said.

The development, namely, ICD Brookfield Place, will be located adjacent to the cluster of Dubai International Financial Centre (DIFC) buildings and will comprise a 50 storey office tower, retail outlets and hotel.

The ICD Brookfield Place is a vote of confidence from the government in its financial centre amidst the high competition from neighbouring hubs, including new free zone rich emirate of Abu Dhabi.

Quality office spaces in prime locations including DIFC generally attracts strong demand from multinationals, although a there is also huge supply of less desirable offices that further out-weighs on broader sector wherein the occupancy is about two-thirds.

This is the first new construction project in the DIFC ever-since the property crash in 2008.
The development will be ready for occupation in 2018.

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