Dubai Real Estate News
UAE Property Market Trends and Reviews

"; Damac Properties, the luxury lifestyle developer, said that the enabling works at two of its developments - Water's Edge and Commercial Square at the Business Bay are making good progress, with the main contracts to be awarded in spring this year.

The Commercial Square is a 21 storey office tower, while Water's Edge is a 20 storey commercial waterfront development located at the heart of Business Bay.

Both the developments are now under construction with contractors already making good progress on shoring, fencing, ground clearance activities, said Damac.

The General Manager of Damac Properties, Ziad El Chaar, said that the progress of work at Business Bay locations is a further indication about the continued commitment by the company to construct and develop plans for 2010.

Last year, Damac completed two of the four commercial projects at Business Bay, namely, the XL Tower and the Business Tower. These are likely to be completed by first half of 2010.

With several projects already underway at Business Bay, the good progress make by the two projects of Damac in the their early stages, no-doubt leaves a positive note, said El Chaar.

Labels: Business Bay, Damac Properties

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Labels: Business Bay, Tameer

"; Fortune Group, the leading Dubai-based property developer has revealed that work on the prestigious Burj Al Alam, the world's tallest commercial tower, is going at a steady pace, with the piling work progressing satisfactorily at Dubai's Business Bay.

Speaking about the progress of work, Syed Muhammad Ali, the CEO of Fortune Group said the shoring work is complete, and already 146 of the 513 piles required for foundation of pioneering project have been laid. The piling should be complete by January 2010, and the project is on track for scheduled completion by 2012.

The structure, which is expected to be 510 meters tall on completion, the company has used state-of-the-art structural techniques in shoring and piling, and the best construction practices with about 58,000 cubic meters of concrete, and 5000 tonnes of steel which will require 180,000 man-hours to complete.

Designed by Nikken Sekkei of Japan, Burj Al Alam resembles a crystal flower and is an eye-catching hyperboloid skyscraper that flares out at the top and bottom, and draws inspiration from the Arabian rose and Zen culture.

Comprising 74 storeys of office space, it also includes a high-end 200-room hotel (the highest in the world), and 104 serviced apartments in the top 27 floors, the four-storey retail concept "The Corporate Mall" at the base. The six-storey crown where the petals separate, offers wonderful views of Business Bay to the south, and Burj Dubai super high-rise tower to the north, featuring restaurant, the world's highest sky garden and rooftop spa, viewing deck, Turkish bath, helipad and private club facilities.

About 50 percent of the retail space of the tower in Corporate Mall, and 75 percent of commercial space has already been sold out by Fortune Group.

Labels: Business Bay, Business Tower, Fortune

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Labels: Business Bay, Deyaar, Office Space

"; The main construction contract for the Burj Al Alam, the 501-meter tall commercial tower at the Business Bay district of Dubai, due to be one of the tallest buildings in the world, will be awarded within four to five weeks.

The Sales Co-ordinator of the project at Fortune Group, Muhammed Athar, said that the company is carrying on the final stages of negotiation with contractors, but declined to reveal the names of the firms who had been bidding for the deal.

About Dh.1bn had been kept aside from the original budget, and the construction is now likely to touch Dh.3bn. This is mainly due to lower building material costs, and the contractor for the project would be announced within five weeks, Athar said.

Athar also pointed out that the finances would be managed by the company's own resources, although other sources may be considered, if required.

Launched in 2006, Burj Al Alam was more than 50 percent sold. The foundations work was done by Middle East Foundations and is now complete. The tower, as per the scheduled, will be ready by the first quarter of 2012.

Labels: Business Bay, Fortune, New Contracts

"; Omniyat Property Service (OPS), an arm of Omniyat Asset Management has entered into a strategic partnership with leading leasing service providers for major projects at Business Bay.

Omniyat is the first company to lease in Business Bay, the major accomplishment by Dubai, announced Mehdi Amjad, the Chairman and CEO of Omniyat Properties.

The company will deliver two major projects, namely, One Business Bay and Bayswater, worth a total of Dh.1billion. OPS, together with Jones LangLa Salle and CB Richard Ellis Limited-Middle East, guarantees unique leasing solutions to address the individual needs of owners and tenants in Omniyat.

The partnerships ensure that the development attract tenants from markets all over the world and ensures higher occupancy rates in the buildings. Moreover, the rent-free incentives, fit-out offerings and international standard of property management will help in attracting quality tenants.

With six commercial developments in the master plan, the OPS team is the first to deliver the new Central Business District in the region. Being the only company with leasable space in Business Bay, the partners will help in establishing standards for lead market research on vacancy rates and lease rates and pipeline stock.

The Director and Head of Agency Mena at Jones Lang LaSalle, Matt Hammond, said that great emphasize is being laid on customer service and Jones Lang LaSalle will help in finding the right fit for each tenant and owner through innovative deal structures, by bringing the right people together.

Labels: Business Bay, Leasing, Omniyat

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Labels: Business Bay, Construction Projects, Tameer

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Labels: Business Bay, Commercial Property, Damac Properties

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Labels: Business Bay, Business Tower, Latest News

"; Prices at Business Bay are likely to cross Dh.5000 per square foot mark from the present Dh.3500 to Dh.4000 per square foot during the coming months, predicts an industry expert.

The CEO of Aakar Developers, Yadvinder Singh, recently said that with Dubai drawing considerable attention from more businesses and people, a huge shortage of commercial properties are likely in future. Business Bay apart from being the only main business hub for Dubai, will rise to be a global hub for all businesses.

Although commercial properties in localities such as the Dubai Media City, Dubai Internet City, Dubai Financial Center and TECOM continue to remain attractive, they come with certain limitations and are open only to few kinds of business activities. But properties at Business Bay are used to conduct all types of businesses, and hence there is a greater demand for commercial space at the Bay, which is likely to be the hub for every industry, he pointed out.

According to Singh, the current price of Dh.4000 per square foot at Business Bay is comparatively cheaper than established international hubs such as New York, London, Singapore or Hong Kong. The prices here are soon likely to cross Dh.5000 per square foot mark, he said.

Business Bay is an ideal location for all businesses based in Bur Dubai, Deira and adjacent areas who are seeking relocation of their businesses to Business Bay, due to its close proximity to Dubai Mall, Burj Dubai and DIFC.

"The business-friendly Dubai continues to attract an increasing number of individuals and companies to its shores. Corporates are finding it difficult to establish offices here. Being a flourishing business hub, they require the best location for setting up an office, and Business Bay will be the next business hub not only for Dubai, but for the world. Owning an office at Business Bay would be prestigious" he added.

Any new developer seeking to begin a project at Business Bay will have to think twice before investing, as a plot of land here will cost him thrice more than what he would have ideally paid two years ago. This coupled with mounting construction and labour costs will need a serious thought before embarking on a project under prevailing conditions, Singh said.

Labels: Business Bay, Market Trends

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Labels: Business Bay, Business Tower, Commercial Property, Freehold Property

"; The main construction contract of Omniyat's Dh.1.7bn 'The Opus', a commercial and retail development at Business Bay, has been awarded to Multiplex, one of the leading commercial construction contractors in the region.

As per the contract, Multiplex has been given the responsibility of managing the development's construction and timely and on-budget delivery of the development.

The President and Chief Executive of Omniyat, Mehdi Amjad, said "The main factor behind awarding the contract of The Opus to Multiplex, is their excellent track record of delivering highly complex, prestigious and challenging projects. We are confident that Multiplex and Omniyat can work together to complete construction of The Opus in a timely and cost-effective manner."

The Opus, located on a unique 'Island' plot, is ideally positioned to provide tenants exclusivity, with a spectacular view of Burj Dubai and the Signature Towers, without any adjoining properties or projects.

Designed with the commercial tenant in mind, The Opus will be ready by 2010. At present more than 80 percent of the development has been sold out.

The project, designed by Zaha Hadid, the renowned architect, will enhance the Business Bay skyline with its unique, iconic, and artistic architectural structure.

Labels: Business Bay, Commercial Property, New Contracts, Omniyat

"; Omniyat Properties has announced the launch of 19-storey modern office twin-tower, Octavian, in Business Bay, which happens to be the eighth project by the company in the prestigious downtown business hub of the city.

Labels: Business Bay, Business Tower, Office Space, Omniyat

"; A leading German real estate developer and affiliate of Alternative Capital Investments, ACI real estate, has announced completion of its Dh.2.2 billion worth 'Triology Project', through the launch of 'Boris Becker Business Tower'.

The Boris Becker Business Tower includes three commercial towers with each being 19 storey high, covering an area of 250,000 square feet in area and a gross commercial space of 452,000 square feet.

Speaking during the occasion of the launch, the tennis legend, Boris Becker, stated that the Dubai city, with its state-of-the-art-infrastructure matches the offerings of this tower, and the regional investment climate is founded on valid economic fundamentals.

He continued, "I have been fortunate enough to have a career, but, just as in any athlete's life, the end is inevitable. So now, I can plan my second career, and travel to most exciting destinations like Dubai."

The ACI Managing Director, Robin Lohmann revealed that ACI plans to expand its portfolio with new projects expected at Ajman and Abu Dhabi.

"We have long term commitments in the UAE market, which is reflected in our recent project launches and branch expansion to Abu Dhabi. The initial five projects on Reem Island in Abu Dhabi are due for launch shortly, and another ACI office will be open in Doha, towards the second half of this year. These developments provide investors with the opportunity to participate in a city, known and respected throughout the world."

The ACI real estate project, The Sports Legends Triology, is backed by Nikki Lauda, Michael Schumacher and Boris Becker who have lent their names to the project.

The tower is worth around Dh.500 million, with all the units already sold out. The project is due for completion by 2009 or 2010, in Business Bay.

Labels: Business Bay, Business Tower, Commercial Property

"; A prestigious business tower, "Michael Schumacher Business Avenue" has been launched by ACI Real Estate in Business Bay, Dubai. ACI is an affiliate of Alternative Capital Invest Gmbh, a leading alternative investment solution firm.

The tower is the second phase of the sports-branded real estate project by ACI, which is an ambitious plan to transform the Business Bay district into an architectural delight, defined by three spectacular towers, each of which are named after legendary sports super-stars.

The Business Avenue offer prominent office spaces with eye-catching views of Burj Dubai, the world's tallest building. The tower also houses the first Michael Schumacher Business Center that offers hi-tech facilities, with state-of-the-art design that matches international standards.
The launch of the business tower is the second in a series of three projects, introduced into the market by ACI. The Niki Lauda Twin Tower has been already launched last month, and Boris Becker Business Tower, is next in line to be launched in February 2008.

The tower was launched by the Seven-time Formula One World Champion, Michael Schumacher himself. Speaking on the occasion of the launch, the Managing Director of ACI, Robin Lohmann, said that only few properties in the world can boast about the direct involvement from the greatest F1 driver in the world. Michael Schumacher represents the commitment and energy to excel, and the ambition required for every business enterprise to reach the top position, and only a city like Dubai, befits such an association.

Labels: Business Bay, Business Tower, Dubai Real Estate

"; Al Madar's Scala and Siraj Towers have brought about robust sales for the company.
The 18 storey residential complex, Scala Tower, with 182 apartments, located at Business Bay, Dubai, has been completely sold out. On the other hand, the 30 storey residential complex, Siraj Tower, located at Arjan in dubailand, has been 50 percent sold out, revealed the property developer.

"Both the Towers have achieved enormous sales success, which far exceeds out expectations. We believe that this could be the fruitful result of our commitment to deliver on time, top-class properties, that are greatly appreciated by clients and investors. Also, Dubai's increasing reputation of being an attractive investment destination, has also been vital to the success of Al Madar," quoted the Group Managing Director, Haider Mashhadi.

Al Madar already has a range of exciting projects in pipeline for the current year, including Bellagio, an office tower at Liwan in Dubai, Coppet, and commercial facility at Arjan - Dubai, apart from purchase of various leading properties across major locations in Doha, GCC and Dubai. As a part of its expansion plans for the current year, Al Madar has also begun construction of two more office towers and a hotel in Doha, and has purchased a new plot in Lusail, and a comprehensive integrated development in Qatar where a 15-storey building is likely to be constructed by the company.

Labels: Business Bay, Residential, Sales

"; One of the region's fastest growing real estate companies, Deyaar, yesterday, unveiled Bristol Towers, a Dh.1.5bn twin tower project in Business Bay.

With the inclusion of Bristol Towers, Deyaar has about a dozen projects in Business Bay. The properties of Deyaar, are one of the most sought-after in the development.

The Chief Executive of Deyaar, Zack Shahin, said "Bristol Towers are the jewel of the collection. This project is amongst the largest and most well-designed undertakings in Business Bay with excellent facilities. The trust posed on us, by our customers has motivated us to constantly deliver our commitments of ensuring transparency, quality and timely deliveries. "

The project features a residential block (Bristol Residency) and a commercial block (Bristol Executive). Comprising 29 storeys, the towers feature a refreshingly beautiful exterior that resembles an open book. The project spreads across an area of 623,680 square feet of space, and offers ample parking space with more than 1300 parking units.

Bristol Residency comprises studio, single, double and triple bedroom apartments, with well-designed office space, along with a host of facilities, such as a podium level garden with an outdoor sitting area, state-of-the-art IT facilities and security systems.

Deyaar is a leading developer in Business Bay, with most of its projects almost sold out, which includes, Metropolis, The Citadel, 51@Business Bay, Burlington, Fairview Residency, Oxford Tower and such others. Most of the developments of the company are much in demand on the secondary market as well, drawing customers from UAE and overseas.

The Bristol Residency and Bristol Executive clients get to avail themselves of many finance schemes from leading banks such as First Gulf Bank, Tamweel, National Bank of Dubai, Dubai Islamic Bank and Abu Dhabi Commercial Bank.

Labels: Apartments, Business Bay, Business Tower, Deyaar, Real Estate Projects

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Labels: Business Bay, Business Tower, Freehold Property

"; Leading providers of investment solutions in Germany, ACI (Alternative Capital Invest) Real Estate, has officially launched the Niki Lauda Twin Towers in Dubai. The launch was alongside the 36th anniversary of UAE's formation, where ACI participated in the National Day celebrations. The legendary Formula 1 World Champion racer, Niki Lauda, was also present during the launch ceremony.

The launch of Niki Lauda Twin Towers in Dubai, is the first among the series of celebrity-branded real estate developments to be launched by ACI Real Estate. Two other properties endorsed by Boris Becker and Michael Schumacher are expected to be launched in the next couple of weeks.

The ACI Real Estate Managing Director, Robin Lohmann, said that "We at ACI believe in doing things in a different manner, as being innovative adds significant value to our offerings. By adding a celebrity brand, which matches our standards of excellence, we make sure that apart from delivering just a great product to our customers, we also create an iconic landmark which is instantly recognizable."

Positioned in Business Bay, the Twin Towers with 29 and 26 storey each, and another four floors at basement parking, are due for completion by 2010. The towers, which houses only offices, are the only office development in Dubai that provides leisure amenities such as outdoor swimming pools, gymnasium and prayer rooms.

Labels: Business Bay, Business Tower, New Developments, Office Space

"; The latest luxury realty development by KM Properties, the real estate development arm of KM Holdings, the TAMANI Art Offices, underwent public launch at the Artisan Cluster in Business Bay, Dubai.

TAMANI Arts Offices is an iconic mixed-use realty development complex, comprising a 20 storey tower. About 32 percent of the project was already sold to investors during its pre-launch at the Cityscape, Dubai.


The twenty storey glass and steel tower with latest cutting-edge technology will make a flawless business platform and grow to be the business epicenter of the prestigious Business Bay development in Dubai. Strategically located in the Artisan Cluster in Business Bay, the TAMANI Arts Offices will offer convenient and easy access to the most notable recreational and landmark destinations, including Dubai Mall, Old Town, Burj Dubai, and the Sheikh Zayed Road.

Spreading across two million square feet in area, the development comprises clusters of iconic towers which include residential buildings, commercial towers and hotels, designed by renowned design engineers and architects of Terry Farrel and Partners, the renowned designers behind the Greenwich Peninsula in London.

TAMANI Arts Offices will provide the best boutique offices, a grand reception and lobby lounge, spacious retail outlets, on-site art museums, hi-tech business offices and IT services, including IT infrastructure security and hi-speed internet access. The TAMANI owners and tenants will also be benefited by the exclusive facility management services, which include 24-hour concierge and valet, efficient housekeeping, on-call maintenance, and engineering services, access to meeting rooms and business centers, and banqueting and catering services on request.

KM Properties has come forward with Escrow facilities by joining hands with National Bank of Dubai, and has also entered into agreements with Amlak Financing, which will offer mortgages for about 85% of the purchase price.

Labels: Business Bay, Office Space, Real Estate News

"; The Dubai Government has awarded a land grant, measuring 390,000 square feet, worth Dh.280 million to the Dubai Financial Market (DFM). Based on the directives by the Dubai Government, Dubai Properties, a leading real estate developer in Dubai, will set aside a land plot in their Business Bay project exclusively to DFM.

The land plot, covering 390,000 square feet in area, overlooks the waterfront in Business Bay, from three angles. The DFM plans to use the plot for construction of its main building, housing the future head quarters of DFM.

Spreading over an area of 43,500 square meters, the new headquarters will upgrade and replace the current DFM facilities. The DFM development in Business Bay will comprise a three storey tower, including a main trading floor with 120 broker offices, when compared to the existing 58 offices. The new facilities will also include press rooms, VIP areas, meeting and conference rooms, cafes and restaurants.

The Chairman for Dubai Financial Market, Essa Kazim, expressing his appreciation to H.H. Sheikh Mohammed bin Rashid Al Maktoum, said that this generous grant by the Dubai Government confirms the leading initiatives taken by him, which has always resulted in high achievements and prosperity to the residents and nationals of the UAE, and particularly to the shareholders in DFM.

Labels: Business Bay, Dubai Real Estate, Latest News

"; Omniyat Properties, the developer of exclusive real estate projects in Dubai, has begun the ground-breaking work on their commercial development, 'The Opus' situated in the heart of Business Bay. More than 60% of the project has already been sold out.

Designed by the Pritzker Prize winning architect, Zaha Hadid, 'The Opus' is worth more than Dh.1.7billion, and has been set to adorn the Dubai skyline with artistic and iconic architecture. The project, spreading over 85,000 square meters, was unveiled by the CEO of Dubai Properties, Mohammed Binbrek.

Being a perfect blend of art and technology, 'The Opus' forms a structure resembling cube with a fluid for "void" in the middle. The Opus will comprise of three individual towers, that are fused together to create the illusion of a single structure.

Located on an island plot in Business Bay, Dubai, The Opus, depicts a waterfront location, offering the most exclusive office real estate in Dubai, The eye-catching views of Burj Dubai, will further enhance the value of the development.

'The Opus' is expected to be completed during early 2010.

Labels: Business Bay, Commercial Property, Construction Projects, Office Space, Omniyat

"; The most recent development of Dubai Properties, the Bay Square, worth Dh.4billion, has been unveiled at Business Bay in Dubai.

The development that stretches over five million square feet in area is considered a new-age community project, targeting residents, retailers and businessmen who wish to lead a stress-free lifestyle within a corporate environment.





A boutique hotel with a 'downtown setting' and a residential tower, will be the center of attraction of the thirteen building development. Remaining eleven buildings will comprise mixed-use projects that feature commercial and retail space, terraced apartments and two storeys of rooftop apartments.

The Chief Executive Officer of Dubai Properties, Mohammad Bin Braik, said that Bay Square will be a prestigious business landmark for companies, offering business professionals and visitors an unmatched experience about modern Dubai. He revealed that about 60 percent of the project has been exclusively earmarked for commercial investors alone.

Dubai Properties has also placed before its investors, an opportunity for purchasing five to ten floors, covering nearly one million square feet of commercial space, which ranges from 1500 to 17000 square feet.

The Bay Square forms the core of Business Bay. The height of the building and the Bay Square towers will range from 10 to 14 floors featuring studios, single-bedroom and loft-style apartments that overlook the Square and the rest of Business Bay. Apart from being a pedestrian-only zone, the Bay Square will comprise retail outlets, a central plaza, restaurants, hosting cafes, and state-of-the-art gym.

Bay Square is scheduled for completion by 2009.

Labels: Business Bay, Business Tower, New Developments, Office Space

"; The real-estate development branch of Dubai-based KM Holding, KM Properties, has unveiled a Dh.1.3billion tower at Dubai's Business Bay, the prime commercial district in the emirate.

The tower named 'Tamani Arts Offices', will include a twenty storey glass and steel building in the Artisan cluster of Business Bay.



The Chairman and CEO of KM Holding, Mohammad Haddad, is quoted as having said that the Tamani Arts Offices will be the most significant address for business in New Dubai.

The Artisan Cluster that covers a built-up area of two million square feet comprises numerous commercial, residential and hotel towers.

Another development of KM Properties is the Tamani Arts hotel, which is located adjacent to Tamani Arts Offices.

KM Holding is the owner of numerous properties in the UAE, and is planning to enter the Indian and Saudi Arabian markets, scheduling a six-year growth plan.

Labels: Business Bay, Business Tower, New Developments, Office Space

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Labels: Business Bay, Business Tower, Construction Projects, Freehold Property, Omniyat, Real Estate Company

"; Omniyat Properties, the real estate branch of the UAE-based 'Omniyat Holdings', has awarded its AED345 million (US$92million) 'Bayswater' project, a 25 storey commercial tower, to China State Construction Engineering Corporation (CSCEC), appointing them as the main contractor for the project.



The project, which is expected to come up on a prime waterfront location in Business Bay district, Dubai, has now stepped into its second phase, after the enabling works were completed by Al Dhafra Piling Contracting Company (APCC). At present, about 25 percent of the main construction and 33 percent of the overall development have already been completed.

Omniyat Properties have agreed that the work is progressing as scheduled, and the work is likely to be completed by the third quarter of 2008.

CSCED is the most successful and one of the largest international contractors in the world, bringing with it the rich experience of working in landmark properties across the glove, and have received numerous awards for timely delivery of projects, and for meeting quality standards.

The contract has been handed-over just after the confirmation from the developer that the first phase of construction work on this freehold commercial tower has been completed.

The Managing Director, CSCEC, Yu Tao, expressing the company's excitement to be involved in the unique and innovative project, said that they are proud to be associated with a developer such as Omniyat Properties, who has been developing the most technologically advanced properties.

The tower, designed by Dubarch, the leading Dubai-based architects, is unique in its shape and is an optical illusion which looks like two slim towers side by side to the viewer, taking the shape of the letter X.

The tower is targeted to medium-sized companies looking for Grade-A office space.

The tower projects hi-tech features such as multiple access points, high ratios of parking to office space, 825 bays spread over the four podium floors and two basement. The building comprises two penthouse office floors, a podium with terrace, and a few waterfront loft-style offices.

Labels: Business Bay, Business Tower, Commercial Property, New Contracts, Office Space, Omniyat

"; AAKAR Developers Limited, a prominent property developer based in Canada, has revealed the completion of works on its Canada Business Center (CBC) Tower, worth Dh.200 million in Business Bay. The shoring and piling works of the tower has been completed and the commercial tower located in the heart of Business Bay, Dubai has been scheduled for delivery in December 2008.

The completion of works including the guide wall, the contiguous pile wall, the temporary shoring, capping beam, anchors, excavation and dewatering works have been completed by the IFG team due to the state-of-the-art equipment in use at site.

The CBC Tower development offers its occupants the required space for work and lifestyle, comprising, nineteen storeys of offices and about 7,500 square feet of retail space, apart from fitness amenities such as gymnasium, rooftop pool, steam room, Jacuzzi, food courts, shopping space, and six-level parking facilities. The Tower also includes modern hi-tech business amenities and conference rooms. The tower is centrally located in Business Bay, next to Burj Dubai, offering unobstructed views to all its offices.

The CEO & President of AAKAR, Yadvinder Singh, mentioned that AAKAR was among the first developers to buy into the Business Bay concept with the launch of their Canada Business Center during 2006. Expressing his complete satisfaction with the progress and construction of Business Bay, he mentioned that the company coul visualize that they are moving closer to their dream of delivering the commercial tower, which will be unique in most aspects.

Moreover, through the partnership of industry leaders such as IFG & Cansult, the project will be completed and delivered on schedule, he said.

Labels: Business Bay, Business Tower, Commercial Property

"; According to Dubai Properties, the Dh.1.2 billion 'Vision Tower' will bring about 500,000 square feet of commercial space when it opens for business during the year 2009.

The construction at the moment is progressing as scheduled with more than 25 percent of the project complete.

Dubai Properties has provided its investors and corporate users with an exclusive opportunity for purchase of the first 38 floors of the 52 storey glass tower at Business Bay.

The Vision Tower will be situated at the entrance of the Business Bay master development, offering eye-catching waterfront views on the Shaikh Zayed Road and the Dubai Creek.

Apart from four floors that offer room for two office units each, the remaining floors are best suited for an integrated office. The average floor size of each unit of the 51 units for sale is 10,575 sq.ft., with the top two floors interconnected as a single unit.

The CEO of Dubai Properties, Mohammad Binbrek, describing Dubai Properties as an innovative master developer that provides financially secure and feasible investments with highest yields on investments, mentioned that, through the launch of Vision Tower, Dubai Properties intends to cement the position of Business Bay, as the prime choice for local, regional and international businesses.

Acting as the gateway to Business Bay, Vision Tower is the only commercial tower developed by Dubai Properties. The hi-tech transparent glazing of the tower with bent glass façade will be internally lit to create a luminous feel at night-time.

Vision Tower is connected to the Executive Towers through a pedestrian bridge, and thereby links the offices to the Bay Avenue, and the hotel and residential towers.

Labels: Business Bay, Business Tower, Commercial Property

"; Tameel Holding has announced that all the units in its "Silver Tower" development have been successfully sold within fifteen days of its launch.

This achievement brings to Tameer, the credit of being the first in Business Bay, Dubai, to announce 100 percent sales of its units, among the other 500 commercial and residential towers in Business Bay.

The success has been attributed to the strategic approach by Tameer, and its focus on developing integrated projects with an aim to cater to major companies and businessmen, apart from residents belonging to all social segments.

Tameer considers this success as another valuable addition to its unique line of successive achievements in the local and regional property market, and as an indicator to prove the depth of customer confidence that Tameer has established in the property market.

The launch of 260 offices Sliver Tower was coincident with the growing demand for commercial and residential units in Dubai property market. The launch came at an apt time, when Dubai was witnessing a continuous surge in population, which had doubled during the past ten years, and when the demand was exceeding supply, coupled with economic growth. Experts predict that the population in Dubai will touch 2 million towards the year 2015.

The Silver Tower, worth Dh.450 million, will include 260 offices of various sizes, with 27 buildings and 31 floors that meets the best in design, quality of construction and finishing. The total area of the tower is expected to be 700,000 square feet, and the final height of the tower is expected to touch 147.5 meters by 2009. The tower will comprise modern amenities such as a sophisticated conference hall, health club, swimming pools, mini golf course, car parking spaces for 793 cards, commercial and retail outlets and cafeteria and more.

The strategic location of the tower makes it easily accessible to all parts of Dubai, and to prominent locations such as Burj Dubai downtown, Sheikh Zyed Road to Jebel Ali Free Zone, Dubai Media City, Dubai International Financial Center, and Dubai Internet City.

Tameer had entered into a partnership with Al-Rajhi Investment Group two years ago, and today, ameer has a real estate investment portfolio exceeding AED 150 billion. Currently, Tameer is developing "AlSalam City" in Umm Al Quwain, and the "Al Ameera Village" in Ajman and the "Princess Tower" which the tallest residential tower in the world, located at Dubai Marina.

Labels: Business Bay, Business Tower, New Developments, Sales

"; Omniyat Properties, the real estate development branch of Omniyat Holdings recently held a groundbreaking ceremony of their prestigious Dh.550 million hi-tech tower, The Pad, in Business Bay.

Designed by James Law Cybertecture International, The Pad, will set an example for the rest of the world, with its unique, sophisticated residential buildings, due for completion by 2009.

This totally integrated residential complex is essentially a mix of advanced technology and perfection in design and architecture that personifies 21st century living in everyway. Through its innovative use of technology and design The Pad will offer its inhabitants a unique lifestyle experience not found anywhere else.

The President and CEO of Omniyat Properties, Mehdi Amjad, said "This marks the beginning of a new era, which will see us push boundaries of futuristic lifestyles. The Pad will set new standards of design in the Middle East and beyond. The project has already drawn huge media attention all over the world, particular the markets which are mesmerized by scope of developments in Dubai. This residential complex personifies the 21st century lifestyle in every way."

'The pad' is expected to comprise 231 apartments ranging from studios, one and two bedroom units, and a range of loft homes. The apartments will have various interesting features, including an inspirational clubhouse, which is meant exclusively for its residents. The exclusive club-house will comprise state-of-the-art gym, basketball court, running track, swimming pool with underwater audio system and more. The club will also offer its residents with a big meeting lounge, games room, party room, outdoor sunset terrace and library.

Labels: Business Bay, Latest News, Luxury Homes, Omniyat, Residential

"; Al Madar Property Investments, the real estate branch of Al Madar Group, announced that its 22 storeyed 'Scala Tower' in business bay has been more than 80 percent sold out.

The tower comprises of eighteen storey of residential units with studios, single and double bedroom apartments. It has world-class features such as a hi-tech health club, high-speed internet connectivity, cafeterias, shopping area, recreation area, closed-circuit television, high-speed elevators, 24 hours security and maintenance, car parking and more. The tower will be ready for delivery by 2009.

The Sales and Marketing Director of Al Madar Group, Keith Pepperdine, expressing his happiness over the success of Scala Tower, mentioned that the ideal location of the tower in Business Bay with eye-catching view of the Burj Dubai, coupled with modern amenities offered by the tower has been the major factors for the success of Scala Towers.

After a series of hig-profile realty projects in the UAE and Dubai, Al MAdar is now looking forward to regional expansion. The company has a rich portfolio of being involved in the property sector for more than fifteen years and has already completed 125 developments throughout the Middle East.

Labels: Apartments, Business Bay, Luxury Homes, New Developments, Residential, Sales

"; The construction contract of Dubai Investment Properties (DIP) LLC Office Tower in Business Bay district of Dubai has been awarded to Dubai Contracting Company (DCC), a major international construction company in Dubai.

The project involves development of a luxurious forty five storey commercial tower, with a separate fourteen storey car park and two basements on Sheikh Zayed Road.
The Investment and Marketing Manager of DCC, Wissam Otaky, said "The DIP tower is a great addition to our projects portfolio, and provides office space solutions with premium quality finishing."

The commercial project will spread over an area of 70,172 square meters, and will comprise of the latest and state-of-the-art technologies, meant for business purposes with supreme functionality, without any kind of compromise on elegance and aesthetics.

DCC, along with Arkiteknik International Consulting Engineers, who are also the architects behind projects such as the Twin Towers Deira, Flora Creek, and the Grand Hyatt Dubai, will together carry the project forward. The tower is in preliminary stages of construction and is due to be completed by 2009.

Labels: Business Bay, Construction Projects, New Contracts

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Labels: Business Bay, Commercial Property, Construction Projects, Real Estate News

"; Fortune Group, the Dubai-based developer has announced that they have begun work on their fifth project in Business Bay, the 'Fortune Pearl Commercial Tower'. The project is worth Dh.400 million, and covers 500,000 square feet of construction space and will have fourteen storeys. The ground-breaking ceremony for the project was done yesterday.

The Fortune Group CEO, Syed Mohammad Ali, said "The launch of Pearl supports our belief regarding the strong potential of revenue from investment in commercial property in Dubai. The project has been initiated at the right time, when the demand for commercial space is rapidly on the rise, on par with the unprecedented growth in the economy and business in the region."

Mohammad Ali mentioned that Business Bay would be the ideal location for the project, due to its close proximity to the new business district of Dubai through the Shaikh Zayed Road.

Fortune pearl has hi-tech office concept featuring modern office amenities coupled with a range of luxury offerings, including state-of-the-art conferencing systems, advanced facilities for communication, comprehensive business support services, broadband internet connections and meetings, swimming pool and other modern amenities.

Mohammad Ali has expressed his confidence in the project and has mentioned that the project will be a new yardstick in world-class commercial office space and will comprise an environment that is favorable for further growth in business. The positioning of the project in Business Bay also contributes to the value of the project.

Designed by AEIB, the soil investigation contract for the project has been handed over to Al Hai and Al Mukkaddam.

The project is scheduled for completion by 2009.

Labels: Business Bay, Business Tower, Fortune, Office Space, Real Estate Company

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Labels: Business Bay, Commercial Property, Damac Properties, New Developments, Office Space

"; The contract for Dh.500million flagship project, 'The Prism' at the Business Bay, has been awarded to Commodore Contracting by Credo Investments.

The President of Credo Investments, Sajjad M. Rashid, and the Commodore Contracting Chairman, Ameen Hesdin, have signed the contract for the project, due to be one of the most prestigious commercial properties in Business Bay.

The CEO of Credo Investments, Mohammad Dewji, said, "We have appointed reputed companies for contracting and project management, and as Business Bay, by itself is a prestigious development, we offer an equivalent quality standard to our investors in The Prism. The quality and safety which pervades in all our projects have helped us in creating trust among all our clients."

Rashid also mentioned that the ideal location of The Prism is a great advantage. The Prism, being located at the entrance of the 64million square feet Business Bay, overlooks Shaikh Zayed Road.

Rashid assured that all aspects of the project are being taken into consideration carefully, so that the property could be handed over on time.

The work on three main elements of Business Bay, such as the laying of foundation towers, establishing ultra-modern infrastructure and extension of Dubai Creek are going on at a speedy pace. Quite a few local and global companies have already chosen it as their business location in future.

Labels: Business Bay, Construction Projects, New Contracts

"; The flow of new office tower projects in Dubai continues, with the opening of a Dh.380 million Oval Tower in Business Bay.

Oval Tower, launched by D'SECO, a South Korean developer, is a freehold project comprising nineteen storey and additional amenities to suit business requirements Prices range from Dh.1,100 per Sq.Ft. and is subject to rise, depending on the office type and the number of floors.

Pumyang Construction Company, a Korean firm has been awarded the main construction contract. The building work is likely to commence in June, and will be ready by March 2009.

This launch is likely to be followed by a number of other new commercial projects in Dubai, that are likely to be unveiled this month, with a view to fill the void in the office space supply within the emirate.

Labels: Business Bay, Business Tower

"; The Dubai-based Fortune Group has launched Fortune Avenue, a Dh.300 million commercial tower at Business Bay. Fortune is already working on the Burj Al Alam in Dubai which consists of 108 storeys. Fortune Avenue is the fourth development of the company at Dubai.

The nineteen storey Fortune Avenue, is ideally located among a multitude of major blue chip corporations and international corporations within the emerging business district, Business bay.

Fortune Avenue, which spreads over an area of 300,000 Sq. Ft., features exclusive space, and fresh corporate styles that caters to business leaders. The tower also has a lovely waterfront retails area on the ground with a restaurant and coffee chop.

The main features of this project is the world-class technology that meets the growing sophistication demands of today’s business market, and the architectural design, which derives inspiration from two perched falcons, the birds native to the UAE.

The Hilltop Real Estate, a Dubai based company is likely to represent the Fortune Group as their major channel partners for Fortune Avenue in the North America.

Labels: Business Bay, Business Tower, Fortune, Real Estate Projects

"; The Dubai-based Fortune Group has launched Fortune Avenue, a Dh.300 million commercial tower at Business Bay. Fortune is already working on the Burj Al Alam in Dubai which consists of 108 storeys. Fortune Avenue is the fourth development of the company at Dubai.

The nineteen storey Fortune Avenue, is ideally located among a multitude of major blue chip corporations and international corporations within the emerging business district, Business bay.

Fortune Avenue, which spreads over an area of 300,000 Sq. Ft., features exclusive space, and fresh corporate styles that caters to business leaders. The tower also has a lovely waterfront retails area on the ground with a restaurant and coffee chop.

The main features of this project is the world-class technology that meets the growing sophistication demands of today’s business market, and the architectural design, which derives inspiration from two perched falcons, the birds native to the UAE.

The Hilltop Real Estate, a Dubai based company is likely to represent the Fortune Group as their major channel partners for Fortune Avenue in the North America.

Labels: Business Bay, Business Tower, Fortune, Real Estate Projects

"; Three projects, worth Dh.760 millions has been announced by three dubai-based developers in various locations. Deyaar has announced its two residential towers at Business Bay – Mayfair Residency and Mayfair Tower, for Dh.360million.

The towers that are positioned adjoining each other overlook the lake and are separated from each other by large landscaped area. Both towers provide one and two bedroom apartments, with 213 residential units in Mayfair Residency Towers and 218 in Mayfair Tower. Each tower comprises a terrace garden, swimming pool, gymnasium, high-speed internet connection, steam rooms and maintenance and security services round the clock.

Al Tajir Real Estate has launched the Fortunato Project, worth Dh.320million at Jumeirah South Village. The Fortunato provides the convenience of living in the heart of the city, while also being secluded enough for peace and privacy. Fortunato comprises single and double bedroom apartments, penthouses, and duplex apartments, studio, town houses, loft houses and garden houses. The construction which will begin this September is expected to be complete by mid 2009. The studio apartments are priced at Dh.538,538 for a single bedroom, Dh.682,722 for double bedrooms, Dh.295,000 for studio apartment and Dh.2.2 million for four bedrooms and town houses. In addition, there are the parks, promenades, medical facilities, country club and sports areas such as cricket, tennis and football.

Memom Investments, a branch of the Memon Group of Companies, has launched the Dh.80million commercial tower, Cambridge Business Center, at Dubai Silicon Oasis (DSO). The ten storey comprises of about 108 small, medium and large offices, with facilities such as Wi-fi connectivity, mood lighting, and keyless entry.

The Memon Managing Director, Ahmed Shaikhani, while speaking during the launch, states: “Our aim is to bring total convenience to business people by providing a modern workplace where they can also fulfill their personal needs.” The tower incorporates British architecture that brings about memories of traditional excellence, coupled with architectural expertise and progressive engineering. It has been designed by Adnan Saffarini, an architect. The tower is expected to be complete by 2009.

Labels: Business Bay, Deyaar, Real Estate Projects

"; The Sheth Group from India plans to develop Dh.2billion worth four projects in Dubai.

Iris Bay, worth Dh.600 million was already launched on Tuesday. This half-moon shaped tower, which is likely to come up at the Business Bay in Dubai, has been designed by Atkins, the British architect.

This happens to be the second project of the company at Dubai, the first being the 35 storeyed residential tower, Iris Blue, situated at Dubai Marina.

The CEO and Managing Director of the group, Ashwin Sheth, said "The project is in piling and shoring stage and we have received bids from nine contractors for the main construction package. We will be able to award a contract to the main construction package in a month’s time."

The Iris General Manager, Vimal Agarwal, mentioned that Iris Bay aims at the blue-chip corporate community, who is of the opinion that the office environment boosts up the business of the company considerably.

The twenty-one year old Sheth Group, based at Mumbai, is a real estate development, having constructed a few of the largest high-rise, townships and complexes at UAE for the past two years.

According to officials, the achievements of Sheth, ranges from 10,000 built units, with fifty projects already completed.

Seth mentioned that the UAE has four projects for developments, with two at Dubai, the others at the Cultural Village.

Labels: Business Bay, Real Estate Projects

"; According to reports, the First Gulf Bank is likely to foray into real estate business, with its own subsidiary.

The Vice President of First Gulf Bank, Ibrahim Eskiocak, mentioned that after developing and managing the real estate projects for quite sometime now, they feel that they posses the necessary expertise to enter the real estate market.

This move was taken based on the decision of the UAE Central Bank to permit the banks to take up real estate subsidiaries. As per the current regulations, Banks can now finance and manage real estate works through joint venture subsidiaries, with sixty percent of stake being held by general shareholders.

The subsidiaries are eligible to buy, sell and develop projects, apart from financing and managing them.

Eskiocak mentioned that they plan to launch projects in Abu Dhabi and Dubai.

The Bank, yesterday, launched Dh.600million 'Westbury Square' comprising commercial and residential units at the Business Bay in Dubai.

The project will basically consist of two residential towers with thirty nine floors each and a thirty five storey commercial tower. The project, which is designed by National Engineering Bureau, is due for completion by the end of 2009.

Labels: Business Bay, Commercial Property, Residential

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Labels: Business Bay, Cybertecture, iPad, New Developments

"; Deyaar has launched its new office tower, worth Dh.300 million - Fifty one @Business Bay.

Placed in a prominent location, Fifty One @Business Bay will help catch a glimpse of the lake and the island, a landscaped area, and is located at close proximity to the world’s tallest tower, Burj Dubai. With a total of twenty one storeys, Fifty one @ Business Bay comprises 164 office spaces. Beginning 8th of May, the project will be displayed for buyers and investors at Cityscape, Abu Dhabi.

Labels: Business Bay, Deyaar, Office Space

"; The Dubal based investment company, Reef Real Estate, is expected to launch two new hotels this year, as part of its two mixed-used developments in Dubai. The hotels will be operated by Corp Executive Hotels.

Reef already launched a Dh.120million four-star Corp Hotel in Barsha area of Dubai with ninety rooms, which was inaugurated recently. Another Corp hotel has been recently launched at Business Bay, which is also a part of Dh.350million commercial shopping complex.

Construction of the hotels is likely to commence during October this year, and the entire Offices Tower project and Corp Executive Hotel project is expected to be completed by next August.As said by Reef Managing Director, Shaikh Ahmad Mohammad Al Nahyan, the two new hotels will be constructed at Dubai Waterfront and Jumeirah South Village.

Corp, being a joint-venture between Coral International Resorts, Hotels, Spas and Reef, will operate as alcohol-free hotels.

Labels: Business Bay, Construction Projects, New Hotels

"; Some of Dubai’s main roads will be soon be crossed by a canal to connect the prestigious Business Bay project with the Gulf. Business Bay has been planned as a new commercial and business cluster built on the banks of an extension of the Dubai Creek.

Under new plans approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum,Vice-President and Prime Minister of the UAE and Ruler of Dubai, a 2.2kmlong canal will connect the Creek extension with the Dubai coastline.

The development plan means that parts of Sheikh Zayed Road, Al Wasl Road and Jumeirah Road will be under water. Yesterday Sheikh Mohammed approved plans drawn by the Roads and Transport Authority (RTA) for new structures along these three roads, which will eventually act as bridges over the planned canal.

The water canal, which will be wider than 100 metres, will pass through Sheikh Zayed Road, Al Safa Park, Al Wasl Road, Jumeirah 2, and Jumeirah Road. The massive project is scheduled for completion by 2010.

According to the RTA plans, the Sheikh Zayed Road bridge over the canal will have six lanes in each direction.The bridges on Al Wasl and Jumeirah Roads will have three lanes in each direction. The bridges will be 8.5 metres high over the canal.

The cost of the road projects in the area will be more than Dh1 billion, said Mattar Al Tayer, CEO and Chairman of the RTA Board. The RTA will also be building roads parallel to the canal in the Jumeirah and Al Safa Areas. Pedestrians will be able to cross via pedestrian lanes on the four bridges.

In addition, the authority will build stations for marine public transport along the banks of the canal. There are plans to develop green space and recreational areas along the canal banks. Dubai Business Bay is intended to maintain Dubai as the region’s business capital and developers promise it will be similar to New York’s Manhattan and Tokyo’s Ginza business centre.

Labels: Business Bay

"; Damac Properties yesterday launched Capital Bay Towers, its fourth project in Dubai’s Business Bay. Capital Bay will consist of two 19-storey towers featuring office, residential and boutique retail space.

The towers will feature four levels of parking, swipe access, high-speed internet, business lounge, reception desk, and 24-hour security.

A well-designed workplace with a comfortable indoor en vironment leads to a workforce that is not only healthy and happy but also more productive. Innovative, state-of-the-art facilities are tools that increase productivity.

Damac’s first three Business Bay projects were Executive Bay, Business Tower, and XL Tower.

Labels: Business Bay, Damac Properties

"; 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.

Labels: Business Bay, Latest News

"; The renowned Architect, Hazel Wong, has proclaimed that Dubai’s Skyline will be a competitor in days to come with most other architecturally well-known cities.

Wong, the Regional Director of RMJM, an architectural firm in Dubai, who also helped in designing of the Emirates Towers in Dubai, said that the architectural spotlight will be shifting to Dubai, which also has designs such as the Dancing Towers and Burj Dubai.

While speaking during the landmark ceremony of the West Wharf Residential Tower in the “New Manhattan” Business Bay in Dubai, Wong is reported to have mentioned that Dubai has stood apart in being the main focus of global architecture and is continuing to attract plenty of international tourists. The velocity of developments, wherein the planning and building of the projects takes place at a very rapid pace, is very satisfying for the architects.

UAE has been attracting some of the renowned architects, like for instance Zaha Hadid, the first woman to be awarded the prestigious Pritzker Architecture Prize in 2004 for the design of Dancing Towers at Business Bay, which was revealed at the Guggenheim Museum in New York.

He added that unlike North America, Canada or in Europe, where there are lot of historical precedents and considerations that are laid down for approval of a project, especially when designing something outside the norm, in Dubai architects have more freedom to go beyond the norm. A few such projects that were recently launched in the UAE have gone much ahead of the norm, like the fully rotating tower, a structure that takes the shape of UAE flag, and the three palm-shaped islands, which have raised many eyebrows. Another such innovative project is the human shaped Burj Al Arabi, which hit controversy due to the non-approval of the design from Limitless, the owners of the Jumeirah Village Master Plan, where the building was likely to come up.

However, Wong refused to comment about the architectural significance of these designs, and stated that there is always room for a more sophisticated and creative design in Dubai’s skyline.

Labels: Business Bay

"; Inspired by Apple’s iPod MP3 player, Omniyat Properties, a real estate developer has planned to launch projects worth greater than Dh.3billion during the year 2007. The company is likely to announce a minimum of two residential and one commercial development project, while also opening its account during the month of February with the novel iPod residential tower in Business Bay.

The twenty three storied building, designed by Hong-Kong based architects James Law Cybertecture International, will bring more than 200 units into the market in 2009. The tower will be located above the docking station and will be placed at an angle of six degrees for the perfect look.

Omniyat already has made a good impression at a short span in the market with a
portfolio worth Dh.2.7 billion during the first year of its operations which
includes four luxury commercial developments and a residential tower located at
Business Bay.

Mehdi Amjad, the President and CEO of Omniyat Properties, a branch of Almasa Holdings mentioned that though their aim was to launch only three projects this year, the strong demand in the market has compelled them to deliver more. With their entire range of projects, the company is said to have sealed sales worth close to Dh.2.4 billion.

More new companies are to be launched under the Parent Company Omniyat Holdings, in the coming year. The organization that is set up with $250 million authorized capital and $100 million paid-up capital, will manage Omiyat properties and other projects and upcoming companies.

According to Amjad, the first company will aim towards serving the real estate sector and will find a place in the major International Stock Exchange.

Labels: Business Bay

"; Sungwon Corporation plans to invest over $1.2 billion in property development in the Middle East in UAE's property market over the next three years.

Sungwon plans to invest by entering an alliance with Dubai Properties. Sungwon plans to pump in the money for building unique world-class lifestyle developments at Business Bay and Culture Village. Sungwon also plans to build luxury towers in Dubai.

Sungwon is one of the large integrated real estate, construction and engineering company of South Korea that has built many luxury high-rise residential/mixed use complexes.

Sungwon is known for its high rise mixed-use complexes, civil works, environmental plants and special projects, including championship golf courses, world class stadia and resorts. In 2005, Sungwon has built 52 commercial and residential projects so far.

Labels: Business Bay, Luxury Homes

"; Dheeraj East Coast (DEC), a joint venture between India’s Dheeraj Group and the East Coast Group announced the launch of 16 projects worth $1 billion (Dh3.6 billion). DEC took off with its maiden project DEC Towers which is worth Dh300 million in Emaar's Dubai Marina. It is a twin-tower with 21 and 25-storey residential area and an L-shaped retail segment on the ground floors.

The company has managed to buy plots and is developing many projects in Business Bay, Jumeirah South Village and Culture Village. In Dubai Marina alone, DEC has six plots and its investments in this community are in the range of Dh1.5 billion. The company is ready to launch a new residential project, Marina Wharf II.

In Business Bay, DEC is coming up with three commercial towers at an investment of approximately Dh800 million. The projects will include a unique corporate tower which will be developed on 650,000 square feet and will offer single unit office space as large as 3,500 square feet. The project is also proposed to have a strong retail component on the ground floors while on rooftop with a revolving restaurant.

Labels: Business Bay, Dubai Marina

"; By the year-end, the total commitments from the South Koreans will be valued at over $2 billion. While the first lot of ventures is being financed solely by the developers, those that will follow could be backed by South Korean real estate investment trusts (REIT) and even European financial institutions.

“Our investment in Dubai is not a result of a detour, it is part of Korea’s own economic expansion programme,” says Lee Elliot, Manager at Bando Construction Co. Ltd.

The company is getting ready for a full-fledged presence in the local market with the Ubora Towers. Ground breaking is expected by the end of the year. Construction of the super-structure should commence in the first quarter of 2007. Sales of units (70 commercial and the rest residential and retail) have not started, but the prices should be comparable to the premium rates in Business Bay of over Dh1,000 a suare foot.

Located between the stadium in Dubai Sports City on the left and the Victory Heights villas on the right, the property will get a further push with its proximity to the Ernie Els 18-hole golf course. The high-rise offers 30 floors of commercial space at rates of Dh850 to Dh950 a square foot. Axon Gulf expects a sell-out by the end of the month.

In the pipeline are six other projects in Business Bay and Dubai Sports City. “It is location, the developer and his target market that will drive the property growth in Dubai,” says June S. Kim, Chief Executive Officer, Axon Gulf. On the possible entry of South Korean REITS, Richard Lee, Vice-President at Sungwon Corp., says: “It is their prerogative to direct investments into the Dubai market.” Apart from being the developer, Sungwon intends to use its vast construction track record to good use here.

[Article from Property Weekly]

Labels: Business Bay