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
April 30, 2008
Korean Developer Launches Luxury Development in Dubai
South Korea’s Sungwon Corporation plans to launch a Dh1 billion luxury residential project in The Lagoons, a Sama Dubai master development, by year-end, which will take its realty investment portfolio to $1.5 billion, a senior executive said.
"We have acquired a plot in The Lagoons and expect to launch the project by year-end," Richard Lee, Vice-President, Sungwon Corporation Middle East, told Emirates Business.
"We hope to resolve the design issue with Sama by next month, since the master developer provides developers with project specifications," he said.
The company yesterday broke ground on its Dh1.5bn Santeview project at Culture Village. The project is a mixed-use complex that will consist a ground plus 32-storey office tower and a ground plus 40-storey residential tower. They will incorporate high-tech security features, smart home and modern office features.
Chang Pyo Park, Chief Executive Officer, Sungwon’s Middle East Headquarters and General Manager of the Dubai Branch, said Santeview will set a benchmark in regional property landscape with finest architectural and engineering expertise drawn from their experience in the construction industry.
Sungwon is also in talks with investors to construct and develop a more than 100-storey tower in Dubai. "We are holding talks with investors," Lee said.
The company will open a branch office in Abu Dhabi next month and will then start concentrating on its development and construction business in the capital, Lee said. However, he did not comment on the total investment or number of projects planned in Abu Dhabi.
As a contractor, Sungwon has bagged construction contracts for Silver Star and The Cube projects in Business Bay and Dubai Sports City, respectively.
"Currently, we don’t have plans to enter Bahrain or Qatar as developers, but we are undertaking construction activities for government facilities and high-rise towers there," he said. The company has built more than 130,000 apartments and 1,000 high-rise towers.
Filed under Press Releases by Mark Knowles
April 7, 2008
Luxury Real Estate Investment Developments in Dubai
Any one looking through the recent announcements of world-wide luxury property investment developments could be forgiven for thinking that Dubai is the only country in the World still building new projects, and it is fair to say that Dubai appears to have plenty of room left for more. This is some of the most recent announcements.
Nakheel’s Waterfront development
is attracting a huge amount of interest, both from developers and investors, with many announcements selling out within a short space of time. Most recent, is
Cirrus’ mixed use project, Aquarius Gate
. The commercial tower at Aquarius Gate will be twenty-nine stories high, and offer panoramic views of the Arabian Gulf and the Palm Jebel Ali from its. Six glass elevators will provide uninterrupted views of the sea. (until the next water based development.) And the luxurious residential tower will offer views across the Canal, the Marina and the Palm Jebel Ali.
was announced last week, another luxurious waterfront development and within walking distance of the Buj Dubai and the Dubai Mall. What with the current state of traffic in Dubai, it’s fair to say walking is a sensible option.
, a luxury retail mall, is also planned and expected to be completed around mid-2011.
recently joined the Al Basel consultancy network to promote their hotel in the hospitality sector.
Construction continues apace on the
which is currently the world’s tallest building, despite the fact that it is still unfinished.
recently completed the breakwater and one of the first announcements was the
luxury boutique hotel on “Greece,
” by European arcistocrat, Baron Jean Van Gysel de Meise.
Despite some suggestions that Dubai’s luxury real estate sector is headed for a crash, there seems to be no end in sight at the moment and more developments are being announced, almost on a daily basis.
Filed under For Enthusiasts, Luxury Developments by Mark Knowles
