June 7, 2008
Dubai Properties Sets a New Record with the Sale of Entire building in a Single Day
Dubai Properties announced today the sale of an entire building in its 1.6 Billion USD Bay Square development within hours of release.
If any luxury real estate agents out there are kicking themselves for not getting involved in the sale of property in Dubai, the latest news from “Dubai Properties” may be another reminder that there are still opportunities in Dubai. The building is an 8-story, mixed use building offering 11,754 sq. meters of commercial space, 2,116 sq. meters of residential space, with plans for 17 retail outlets, 53 offices, and 17 one-bedroom apartments.
The record achievement follows Dubai Properties’ successful sale of other floors and units of the same and of several other projects since Cityscape Dubai in 2007, the region’s largest regional business-to-business property investment and development event.
The remaining buildings within the five million square feet “new-age community project” (not sure what that is supposed to mean) will be listed for sale throughout 2008.
Bay Square will eventually comprise thirteen mixed use buildings, including a boutique hotel with a ‘downtown setting’ and a residential tower. The remaining eleven buildings will include mixed-use projects featuring commercial and retail space, terraced apartments and two stories of rooftop apartments.
Bay Square will also be a pedestrian-only zone, and the development is scheduled for completion by end-2009.
Filed under Press Releases by Mark Knowles
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[...] Eng. Salwa Malhas, Executive Vice President at Al Mazaya Holding, said, “New laws are being issued in Dubai’s real estate market from time to time, in order to regulate the market. Most of the time, these laws receive some criticism and disapproval from real estate professionals but, once adopted and implemented, their significance becomes apparent to the market. These new laws are issued in order to safeguard the activities and stability of our real estate sector and to eliminate harmful practices. The latest laws, once implemented, will shock the real estate market, since most sales contracts are being signed on off-plan property units. The new laws pose a serious threat to property sales activity in the emirate.” [...]