Dubai's DPG says Bay Square phase one sold out

First phase of the 5m sq ft mixed use project sees sales of more than 450 units - developer
Dubai's DPG says Bay Square phase one sold out
An artists impression of the Bay Square project in Dubai.
By Andy Sambidge
Tue 02 Jul 2013 12:36 PM

Dubai Properties Group has said it has recorded a sell-out response to phase one of its Bay Square project in Business Bay.

The first phase of the 5 million sq ft mixed use project received strong investor interest with sales of more than 450 commercial and residential units now confirmed, the Dubai Holding unit said.

Following the strong investor interest in phase one, DPG confirmed that it is releasing further buildings in phase two for sale.

The additional mixed use buildings are in the final stages of development, DPG added.

Khalid Al Malik, Group CEO of DPG said: "The strong investor response to Bay Square is a testament to the demand for centrally located commercial and residential property in the city.

"That, coupled with Dubai's recognition as a thriving business hub for the region, has resulted in the interest we have witnessed in the last few days."

He added: "With the increase in demand for high quality mixed use developments from local and overseas investors, DPG is now releasing further buildings for sale in the second phase of the project."

The RERA registered Bay Square development includes 1 million sq ft dedicated to commercial space.

Bay Square will include 12 towers on completion of the project including retail units covering 290,441 sq ft at the podium level of each of the buildings.

DPG said numerous dining and shopping outlets have already been confirmed.

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