Business | Property
New waterfront project for Dubai launched
Developer VIP Waterfront on Sunday launched its Dh1.8 billion Royal Bay project in the Dubai Waterfront, complete with two helipads to assist access.
- By Suzanne Fenton, Staff Reporter
- Published: 23:26 November 2, 2008
- Image Credit: Supplied Picture
- The Royal Bay project in Dubai Waterfront was launched on Sunday.
Dubai: Developer VIP Waterfront on Sunday launched its Dh1.8 billion Royal Bay project in the Dubai Waterfront, complete with two helipads to assist access.
The total built-up area of the Royal Bay development is a little over 1.2 million square feet.
The project consists of a residential tower with 158 apartments and one penthouse. The commercial tower has 107 offices.
The two towers are connected at one level with a floor housing a gym and spa.
Also in the development are 12 villas and 2 palaces and a three-storey, 400,000 square foot shopping mall.
Royal Bay will have two helipads to ease transportation in the area.
"We believe that heli-transportation will be developing in this country. Royal Bay is not far from the largest international airport [Dubai World Central] so it is very convenient as car traffic is also restricted in Waterfront," Slava Garin, chief executive officer of VIP Waterfront, told Gulf News.
When asked about availability of liquidity for such projects, Garin said it was not a real issue.
"The crisis in this country is 70 per cent psychological rather than financial.
"People prefer to wait rather than invest. We prefer to act and move forward. This is the best time to invest for long-term investors," Garin said.
Prices for apartments are starting at Dh2,300 per square foot and Dh2,700 per square foot for villas.
While VIP Waterfront are not targeting a particular nationality, Garin said investors from eastern Europe are "investing very well".
In line with this, Royal Bay will be showcased at the International Property Show being held in Moscow next week.
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