Omniyat launches $327mn Business Bay tower

by Amy Glass Monday, 03 March 2008

Omniyat Properties on Monday launched a 1.2 billion-dirham ($327 million) 19-storey office tower in Dubai’s Business Bay, pushing the developers' total real estate investment to 21 billion-dirhams.

Related Stories

The ‘Octavain’ tower project - a joint venture with Bahrain-based real estate investment company Investate - will feature futuristic technology, including a virtual receptionist and banker, and digital signage for advertising.
Medhi Amjad, Omniyat Properties CEO, said strong demand for Business Bay real estate had seen 13 of the project’s 19 floors sold in two days.

“Business Bay is now emerging as the commercial capital of the Gulf, resulting in strong demand from multinationals and local conglomerates for top grade offices to serve as regional and international headquarters,” he Amjad.

Enabling work on the tower will during in the third quarter, with completion scheduled for the first quarter of 2011.

Omniyat Properties is a subsidiary of Omniyat Holdings, which owns a 40% stake in Investate.

Amjad said last month that Omniyat Properties would quadruple the value of its property portfolio in Dubai this year, after the firm doubled sales in 2007 year-on-year.

The company reached sales of just over 3 billion dirhams in 2007 compared to 1.5 billion dirhams in 2006.

The firm will deliver both its 507 million-dirham One Business Bay and 245 million-dirham Bayswater tower projects in 2008, and also launch projects in Abu Dhabi, Bahrain and Saudi Arabia, Amjad said.



Search Property (2072 listed)



Enter a Development, City, Real Estate Agent or Developer name
Property Type
Added to Site
Price Range
to
Bedrooms
Area (in sqft)
to
to

Quick Links(Residental)