Dubai Properties' Dh110b Business Bay sold out

Dubai Properties yesterday announced all three phases of the 64 million sq. ft master development Business Bay are completely sold out. There will be more than 220 towers along the extension of the Dubai Creek at Business Bay.

Business Bay was announced in 2004 and has an investment value of Dh110 billion. This includes the infrastructure cost of dredging the Creek extension through 11.4km, and constructing roads and bridges. 80 per cent of Business Bay has been sold to investors, while the remaining 20 per cent will be developed by Dubai Properties itself which includes The Executive Towers, Porsche Design Towers, Vision Tower, and Signature Towers and more projects in the pipeline.Mohamed Binbrek, CEO, Dubai Properties said, "The developers in Business Bay are truly international and pursue a fast-track policy in executing projects. The return on investment has been quite rewarding for our initial investors judging from the resale returns in the secondary market. "The development's reputation for providing a regional business hub has attracted various local, regional and international investors. At least 30 per cent of the buyers are international — from Europe, US, Australia and Far East; another 30 per cent are from the GCC region, 40 per cent are either private or corporate investors locally. Some of the key investors in Business Bay include Deyaar, Omniyat Properties, Damac Properties, Credo Investments, Fortune Group, Akaar Properties, South Korea's Sungwon Engineering and Bando Housing Corp, Saudi-based Tanmiyat Group and many more. Located between Shaikh Zayed Road and Al Khail Road, Business Bay is being developed along the lines of Manhattan of New York or the Ginza of Tokyo, to provide the best possible commercial environment to companies, investors and businesses operators.