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Dubai: Dubai-based Omniyat Properties, the real estate development arm of the Dh3-billion Almasa Holdings, yesterday launched its third project named Binary a Dh550 million freehold office tower in Business Bay. The Binary consists of two conjoined 21 and 25-storey towers. The Binary, to be completed in the first quarter of 2009, is the first to be based on Omniyat's new 'Oyster' concept of office design. Oyster is an acronym for 'Offices Yielding Superior Targets Through Efficiency and Relaxation'. The company claims buildings based on this concept are "self contained" as they provide all facilities required by office-goers within themselves. With this launch, Omniyat's total investment in properties reached Dh1.4 billion since the first two projects were unveiled last February.
Mehdi Amjad, President and CEO of Omniyat Properties, said the company is currently working on the development of real estate projects worth Dh3.6 billion in Dubai alone. "This will take the value of our projects in Dubai alone to Dh5 billion. Our goal is to be the most respected and admired property developer in the region and the first choice of customers in the region. We will achieve this through exciting projects such as The Binary," Amjad said. Tarek Kandil, Deputy Director of Sales, said the Binary has more than 420,000 square feet of office and retail space available for sale on a freehold basis at the entrance of the Business Bay district, on Shaikh Zayed Road between the first and second interchanges. He said the company has already sold more than 60 per cent of the Binary in the pre-launch stage to investors who have bought full floors and half floors with the aim of reselling them or keeping them as a long-term investment and renting them out.
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