With the demand for commercial property far outstripping supply, prime office space is in serious demand in Dubai. CEO Middle East examines two of the best on the market
JUMEIRAH WAVE BUSINESS TOWERS
Valued at One billion Dirhams the Jumeirah Wave Business Towers (JWBT) is most definitely prime property. Incredibly, the development’s Tower I was fully booked by international investors in a single day prior to the launch. The development comprises of a trio of three 45-floored glass fronted landmark business and commercial towers, whose aesthetic and functional design incorporates a wave concept sculpted out of steel and glass with a judicious mix of commercial office space and high-profile retail space.
JWBT has a total of 1.2 million square feet and 40 floors of commercial office space with over 960 office spaces in the three towers. Most offices overlook the lake or the park, while some will have a fantastic view of Dubai Sports City when that is completed in the next two years.
The project was conceptualised and designed by Dubai-based architects Dimensions, and is being sold by Aspire real estate and High Rise real estate, both leading forces in the Dubai property development market.
“We are recreating an international concept of the “intelligent office” in Dubai,” says Harshit Kantaria, managing director of Aspire Real Estate. When completed each office will be equipped with high speed wireless broadband, and fully automated building systems including fire and crisis management systems, air-conditioning and high speed elevators all backed up by a central IP-enabled backbone for each tower.
Each tower has around 2600 basement and podium-parking places spread over 640,000 sq ft, and the estate agents claim that JWBT has the highest ratio of parking spaces per each office in Dubai.
The three towers will also have a shopping mall with 130,000 sq ft of high profile retail space, complete with theme restaurants, and a variety of entertainment zones. There will be a total of 48 shops, positioned on the ground and mezzanine floors of the towers with the shopping mall complex connecting all three structures. Facilities will include a fully equipped health club in each structure along with endless shopping and entertainment options providing a complete business and lifestyle experience to visitors and employees of the JWT offices as well as the residents of all the surrounding residential areas.
Location and connectivity are the most important factors in the property development business. The properties will be strategically positioned at the junction of the three arterial routes of Al Barsha road, Emirates road and Al Khail road in Jumeirah Village South within close proximity to the Sheikh Zayed road. JWBT is surrounded by the high-density residential community of Jumeirah Village and is very close to the affluent community of the Emirates Hills, the Springs, Meadows, and the Greens. JWBT will also be well connected to the Jumeirah Village internal tram network which links into the planned underground metro system providing connectivity to the rest of Dubai.
Construction on the project will begin at the end of the year, and according to the property developers, JWBT will be “the” address for high profile businesses in Jumeirah Village.
Deyaar, one of the region’s leading real estate developers and wholly owned subsidiary of Dubai Islamic Bank, has announced the launch of its new project, the Madison Residency, a 26-floor residential tower being built in the Technology, Electronic Commerce and Media (TECOM) free zone along the emirate’s main Sheikh Zayed Road. The state-of-the-art 26-storey tower is designed to offer prestigious living and extreme comfort when completed in March 2008.
Zack Shahin, CEO of Deyaar said: “This is a happy occasion for us, as it marks yet another success in the growing list of Deyaar’s prestigious projects in the UAE and the Middle East.
The Madison Residency is ideally situated in an upcoming business locality in proximity to Dubai’s dedicated media and IT hubs, Dubai Media City and the Internet City. It is among the first purpose-built projects to offer residents a luxurious lifestyle at an attractive financial package.
The development will bring 161 luxurious studio apartments, 52 single-bedroom and 99 double-bedroom apartments onto the property market offering fully equipped accommodation to those working in the locality of the ‘New Dubai’.
The property is designed by internationally acclaimed German consultants, M/S KLING Consult, that is involved in several other prestigious projects in the UAE. Madison Residency will offer facilities including central air-conditioning, a fully-equipped gym, separate sauna and steam rooms for men and women, children’s playroom, roof garden with swimming pools, spacious underground parking facility, high-speed internet connection and high-end security systems such as 24-hour automated surveillance, CCTV system and access control systems.
“Deyaar is committed to providing a high-quality product and will ensure that the project is completed on schedule and within the allocated budget. This commitment, backed by the company’s AED 1 billion-strong capital base and sound diversification strategy, has brought Deyaar a dedicated clientele, widening its base of investors and making it the major industry player it has emerged in the UAE, the Middle East and North Africa today,” Shahin added.
Deyaar’s projects include the residential and commercial Churchill Towers and The Citadel, in Dubai’s elite new Business Bay district. It manages more than 16,000 residential and commercial units across 700 buildings in the UAE, that generate over AED 300 million of rental income for property holders and provides leasing, maintenance and brokerage services for residential and commercial properties.