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A group of investors has pumped Dh170 million into the region's first commercial project, Saba Tower, to be sold on a freehold basis, said the owners.
Launched by Dubai-headquartered Saba Real Estate, the 36-storey Saba Tower will offer UAE and GCC nationals, as well as expatriate investors the opportunity to purchase over 330,000 square feet of competitively priced office space in Jumeirah Lake Towers, currently being developed by Nakheel. Freehold sale of the office space has begun.
The tender for the project will be floated soon and construction is expected to commence in the third quarter. It will be ready for occupancy by the second quarter of 2005.
Prices of office space have been fixed at around Dh435 per square foot. A dedicated sales centre has been set up at the Emirates Towers offices to handle enquiries. It has teamed with Better Homes, to facilitate the sale.
Meanwhile, Sultan Ahmed bin Sulayem, chairman of Nakheel, said about 85 per cent of the land at Jumeirah Lakes Towers is sold out. "The development of Dubai will require more residential, office and commercial space in the future.
"This is one of the reasons why private investors are investing in our projects," he said.
He said Jumeirah Lake Towers was yet another ambitious property development project being undertaken by Nakheel and truly represented the entrepreneurial and forward looking spirit of Dubai.
Behrouz Javaheri, chairman of Saba Real Estate, said the company was committed to focusing on projects that provide long-term benefits to investors.
"Business and commercial establishments in Dubai typically spend a significant amount on rent for offices. With the Saba Tower freehold project we are offering investors the opportunity to leverage their resources by converting their expense on rent into an asset."
Offering a spectacular view of The Palm Jumeirah development, and a stone's throw from the Jumeirah Islands project, Dubai Marina, Dubai Internet City, the Saba Tower offices range in size from 1,300 square feet to an entire floor of more than 9,000 square feet.
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