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Business Bay witnesses 25 PC jump in property values

- June 25, 2007, 1:10 pm

Business Bay witnesses 25 PC jump in property values

Owing to its close proximity and easy access to the main city, along with increasing demand for quality office space, Dubai’s Business Bay development has witnessed a 25 per cent increase in property values over the past 18 months, according to leading property services company, Asteco.

‘Demand for Grade ‘A’ commercial space in Dubai’s main business district is high promising lucrative returns. Case in point is the overwhelming response to launch of sales for the recently announced Oberoi Office Building project at Business Bay which was snapped up by eager investors immediately,’ explained James Knowles, Asteco’s Sales and Leasing Director.

Asteco was awarded the sales contract for the AED800 million Oberoi Centre and Office Building project, an integrated freehold development comprising a 33-storey commercial tower and a 249-room luxury hotel occupying an enviable location near the gate of Dubai’s Business Bay.

‘Business Bay’s closeness to Sheikh Zayed Road and infrastructure progress adds tremendous value to strategically located projects such as the Oberoi Office Tower. Existing buyers include a majority of Russians, UK nationals and Indians, including few national investors,’ Knowles added.

Due for completion in 2009, the project owner, Rani International - part of Saudi-based Aujan Group - has signed a Management agreement with India’s five-star hotel chain, the Oberoi Group.

Overlooking stunning lake views, the Oberoi Office Building offers both office and retail space, with single unit sizes starting at 2,000 square feet with the flexibility of buying up to 10,500 square feet for the entire floor. Situated close to the upcoming Metro station, tenants will also have access to the high-end leisure and dining outlets and services provided by the adjoining hotel.

Hepher Project Management has been appointed as Project Manager for the development while Dutch Foundation Company is the piling contractor. Construction works on the project started two months ago.

Founded in Dubai in 1985, Asteco is the UAE’s largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.

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