By Eudore Chand
The hexagon-shaped complex off Sheikh Zayed Road is for mixed use and is to be ready by 2007
A hexagon-shaped multi-storeyed complex will be built at Dubai International Financial Centre just off Sheikh Zayed Road at a cost of US $260 million. It will comprise four, hexagonal-footprint buildings of which the main tower will be more than 50 storeys high. These will be situated on top of a multi-level platform offering more than 3000 car parking spaces built on a 30 000 m2 plot of land.
The upmarket mixed-use real estate complex will, unsurprisingly, be called The Hexagon and will be developed jointly by Dubai International Financial Centre (DIFC) and Nexus Capital SA. The joint venture project is aimed at attracting foreign direct investment into the DIFC. It is estimated to cost $260 million to develop and construction is expected to take three years.
The Hexagon will offer 140 000 m2 of premium quality commercial and residential space within the boundaries of DIFC in central Dubai. It will be located at the eastern edge of the financial zone, the ‘Park Avenue’ district of DIFC.
Unique features of the real estate complex include its set of private elevators in the main tower that will directly open into individual apartments and offices and the separate access routes envisaged for residential, office and other commercial units.
The project is designed to cater to the needs of business people using DIFC as a regional platform. The complex will feature world-class smart offices, upmarket residences, a five-star boutique hotel, serviced apartments and a roof top garden and private business club. The Hexagon will also house an education campus that would be used by first-tier business schools and executive education providers.
The project will benefit from the buoyant Dubai real estate market. Demand for prime office space in central Dubai is expected to increase by 800 000 m2 by year 2008 and by a further 850 000 m2 by year 2015. The prime residential sector demand is also expected to grow by an estimated 24 000 units by year 2008 and potentially by a further 45 000 units by year 2015.
Future tenants and investors are being offered 100% foreign ownership, 0% tax, freehold of properties, a world-class framework of financial and commercial laws and the freedom to repatriate capital and profits. Nexus Capital SA has developed the concept for The Hexagon and has structured an Islamic Sharia compliant investment vehicle for investors interested in equity participation into the project.