Scaling up presence in the heart of Dubai's business hub, Deyaar has announced the launch of its new office tower Fifty one @ Business Bay with a project value of over AED 300 million (approx. €52 mln).
Prominently located, Fifty one @ Business Bay will have extensive views of the lake and the island, a landscaped area, as well as proximity to Burj Dubai, the world's tallest tower. Rising 21 stories, Fifty one @ Business Bay will offer 164 office spaces. The project will be showcased for investors and buyers at Cityscape Abu Dhabi, starting May 8.
Launch of Fifty one @ Business Bay is in line with Deyaar's strategy to significantly expand its portfolio of offerings, besides meeting the soaring demand for office space, which has been driven by the potential of high rental yields and appreciation in commercial property values. Deyaar is one of the largest developers on Business Bay and also has the largest portfolio of properties under management in the UAE.
Highlighting Deyaar's strong expertise in the real estate sector, Zack Shahin, Chief Executive Officer, Deyaar, said, "The dynamics of the real estate market are constantly evolving, led by varying customer preferences and macro economic factors. Deyaar's deep insight into this market has enabled it to conceive projects that are not only unique, but also yield superior returns to investors. More importantly, Deyaar's projects cater to the surging demand for property evidenced by the speedy off-take of its earlier offerings. Our newest project Fifty one @ Business Bay reflects Deyaar's immense expertise in designing commercial projects."
Elaborating on the project, Nasser Al Dabal, Executive Vice President of Deyaar, said, "With a focus on end users, the flexible payment terms designed for this project will allow small to medium size businesses and professionals to easily own their office space. After a booking amount of 10%, the next payment is due only after 12 months thus avoiding the need to block funds or resort to bank finance."
Commenting further on the existing and future projects of Deyaar, Nasser Al Dabal said, "Deyaar's strong relationships with all the master developers gives it the flexibility to evaluate all important master plans and cherry pick projects that meet the demands of the market. This is evidenced in the wide range of both existing and planned offerings: prime office spaces in DIFC, world class mixed-use towers at Business Bay, premium residences in Dubai Marina, exclusive lake view apartments at Jumeirah Lake Towers, large mixed-used development in upcoming Jebel Ali Downtown, residential projects at Silicon Oasis and sea facing apartments at the Waterfront project."
Arex has been appointed as the design consultant for Fifty one @ Business Bay. Construction is expected to commence in the current year and the project is scheduled for completion in the third quarter of 2009.
Fifty one @ Business Bay will feature a landscaped area and lavish retail spaces, comprising a shopping arcade and coffee shops. Its impressive lobby, spread over 3238 sq feet, and state-of-the-art amenities will make it one of the finest addresses on Business Bay.
Fifty one @ Business Bay's impressive design is a fusion of functionality, convenience and elegance. Fifty one @ Business Bay is a perfect instance of Deyaar's understanding of the customer's profile and investor expectations. Its striking location - overlooking the lake and island - also adds an element of exclusivity to Fifty one @ Business Bay.
Source: Promoseven Weber Shandwick