Omniyat unveils Dh1.7b development
Dubai-based real estate developer Omniyat Properties has unveiled a £235 million (Dh1.7 billion) development designed by award-winning architect Zaha Hadid.
The Opus, a 20-storey cube-shaped commercial and retail project, will be located in Dubai's Business Bay – an area dubbed the emirate's answer to Manhattan.
Scheduled for completion between the last quarter of 2009 and first quarter of 2010, the freehold project is Omniyat's sixth launch and the latest addition to a property portfolio worth Dh2.7 billion, which includes The Pad, a residential building resembling an Apple iPod.
The Opus was recently unveiled at a ceremony in the British Museum in London, , attended by Omniyat officials, potential investors and the building's designer – Iraqi-born British citizen Hadid, who in 2004 became the first female winner of the Pritzker Architecture Prize – architecture's equivalent to the Nobel Prize.
"I thought it would be interesting to create something other than a high rise, so we concentrated on creating a degree of density in a cube," said Hadid. "But instead of leaving the shape alone, we wanted to erode it and carve it away – a concept we have used for ground-level projects but until now not for high rises."
Omniyat president and CEO Mehdi Amjad said the price per square foot will be revealed at the project's launch. The 683,000 square feet of office space has been graded AAA class, targeted at corporate investors. A further 85,000 will be set aside for retail outlets.
"Typically investors in the UK expect five to eight per cent rental yield. A very conservative annual yield on this commercial investment would be 12-15 per cent," said Amjad.
Terms of payment demand a 15 per cent deposit with seven payments of five per cent during construction. The outstanding 50 per cent will be due on completion. Source
The Opus, a 20-storey cube-shaped commercial and retail project, will be located in Dubai's Business Bay – an area dubbed the emirate's answer to Manhattan.
Scheduled for completion between the last quarter of 2009 and first quarter of 2010, the freehold project is Omniyat's sixth launch and the latest addition to a property portfolio worth Dh2.7 billion, which includes The Pad, a residential building resembling an Apple iPod.
The Opus was recently unveiled at a ceremony in the British Museum in London, , attended by Omniyat officials, potential investors and the building's designer – Iraqi-born British citizen Hadid, who in 2004 became the first female winner of the Pritzker Architecture Prize – architecture's equivalent to the Nobel Prize.
"I thought it would be interesting to create something other than a high rise, so we concentrated on creating a degree of density in a cube," said Hadid. "But instead of leaving the shape alone, we wanted to erode it and carve it away – a concept we have used for ground-level projects but until now not for high rises."
Omniyat president and CEO Mehdi Amjad said the price per square foot will be revealed at the project's launch. The 683,000 square feet of office space has been graded AAA class, targeted at corporate investors. A further 85,000 will be set aside for retail outlets.
"Typically investors in the UK expect five to eight per cent rental yield. A very conservative annual yield on this commercial investment would be 12-15 per cent," said Amjad.
Terms of payment demand a 15 per cent deposit with seven payments of five per cent during construction. The outstanding 50 per cent will be due on completion. Source
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