Dubai: Business Bay is all set to stand and be counted as the next commercial destination of Dubai.
“This is the only prime commercial area in Dubai outside of the free zones,” said Saeed Mohammad Al Qatami, Deyaar’s CEO. “There is no other area for commercial developments and it is just a stone’s throw away from MBR City.
“A lot of people are interested [in commercial properties]… before you would only see interest from the end-user but now investors are coming into the market,” he said.
Deyaar has launched Phase Two sales of the residential units at its Central Park project in DIFC. It is being helmed by a joint venture - Arady Developments — between Deyaar and Dubai Properties Group. The project, which will have a total commercial and residential area of 1.57 million square feet, is part of the DIFC masterplan.
The first phase of residential sales was sold out. In Business Bay residential units are going for Dh1,800 a square foot compared to Dh800 two years ago.
Central Park will encompass 575,000 square feet of residential and 860,000 square feet of commercial. Within the residential tower there will be 426 apartments. “The project is scheduled to finish in June next year with handover expected to commence by the start of September 2014,” said Al Qatami.
Despite demand for commercial leasing not seeing the same popularity as residential, Al Qatami said he was confident of the Central Park project.
“There is steady growth in the commercial leasing market but the challenge had been when developers backed out of projects following the 2008 financial crisis. Interest levels are increasing.”