Business | Construction
Construction of 72 Business Bay towers under way
Construction is under way on 72 towers in phase one of Dubai's Business Bay - approximately a third of the total number of buildings in the 64 million square metre master development.
- By Robert Ditcham, Staff Reporter
- Published: 23:48 July 30, 2007
Dubai: Construction is under way on 72 towers in phase one of Dubai's Business Bay - approximately a third of the total number of buildings in the 64 million square metre master development.
When complete, the Dh110 billion freehold development along Dubai Creek extension will be dubbed as Dubai's answer to Manhattan or the Ginza district of Tokyo.
Around 80 per cent of Business Bay is being developed by third-party investors who include a variety of regional and international real estate developers.
Plots in phase one of the multi-phase project are now completely sold out, according to the developer.
Participants
Dubai Properties, the Business Bay master developer, is building a total of 18 towers in the project. These include the Executive Towers, Porsche Design Towers, Vision Tower, Aspect Tower, Signature Towers. More towers are in the pipeline, the company says.
The Executive Towers cluster alone includes 11 buildings - nine residential, one commercial and the 303-room Business Bay Hotel. Meanwhile the Bay Avenue is a creekside arena offering two levels of outdoor retail space, waterfront cafes and restaurants.
When complete, the overall project will include office towers, residential units, hotels and retail areas.
However, it is viewed mainly as a commercial project and aims to consolidate Dubai's position as a global business hub and meet strong demand for office units.
Sales for Executive Towers are healthy, despite prices being hiked by 20 per cent - an indication of market demand for freehold commercial units in the city centre, said Shahab Lutfi, business development director for Business Bay, Dubai Properties.
Dubai Properties other mixed-use master developments include Jumeirah Beach Residence, The Villa, Culture Village and Tijara Town.
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