By Andy Sambidge
Dubai Properties Group says a further four are in final stages at mixed use development
Dubai Properties Group has announced that two buildings in its Bay Square development located in Business Bay are finished and a further four are at the final stages of completion.
The unit of Dubai Holding said that following strong demand from investors, it intends to release additional buildings in the centrally located project which includes residential, retail and commercial buildings.
The RERA registered mixed use development includes 1 million sq ft dedicated commercial space.
Speaking about the project, Khalid Al Malik, Group CEO of DPG, said: "We see the commercial and residential real estate sector continuing to experience stable growth.
"With increased demand for mixed use developments such as Bay Square, coupled with the progress we have made in completing major infrastructure milestones in Business Bay; now is the right time to release the buildings for sale."
Bay Square will include a total of 12 towers on completion and is currently offering investors a finance package of 30 percent on booking and the remaining 70 percent on handover.
DPG said the retail segment has received strong interest from some of the top retail brands with 16 dining and shopping outlets already confirmed.
Retail units covering 290,441 sq ft at the podium level of each of the buildings are designed to include open terraces and piazzas for cafes and restaurants and have dedicated visitor parking.
Bay Square also offers residential options including studio, 1 bedroom and contemporary loft apartments up to 1,300 sq ft.