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Dubai: All three phases of the sprawling Business Bay freehold development are sold out, according to project developers Dubai Properties.
In total there will be more than 220 towers along the extension of the Dubai Creek in the 64 million square foot master development.
Business Bay was announced in 2004 and has an investment value of Dh110 billion. This includes the infrastructure cost of dredging the Creek extension through 11.4km, and constructing roads and bridges.
Approximately 80 per cent of Business Bay has been sold to investors, and the remaining 20 per cent will be developed by Dubai Properties itself.
Projects include The Executive Towers, Porsche Design Towers, Vision Tower and Signature Towers and more projects are in the pipeline.
Reputation
The development's reputation for providing a regional business hub has attracted various local, regional and international investors.
"The developers in Business Bay are truly international and pursue a fast-track policy in executing projects. The return on investment has been quite rewarding for our initial investors judging from the resale returns in the secondary market," said Mohammad Bin Braik, CEO of Dubai Properties.
At least 30 per cent of the buyers are international - from Europe, the US, Australia and the Far East, with another 30 per cent from the GCC. Forty per cent are local private or corporate investors.
Some of the key investors include Deyaar, Omniyat Properties, Damac Properties, Credo Investments, Fortune Group, Akaar Properties, South Korea's Sungwon Engineering and Bando Housing, and Saudi Arabia-based Tanmiyat Group.
Located between Shaikh Zayed Road and Al Khail Road, Business Bay is being developed along the lines of New York's Manhattan or the Ginza of Tokyo, to provide the best possible commercial environment for world-class companies, investors and businesses.
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