Property | UAE

Dubai Properties Group records sell-out response to Phase 1 of its Bay Square project

The 5 million sq. ft mixed use project, located in the heart of Business Bay, received strong investor interest

  • WAM
  • Published: 19:02 July 1, 2013
  • Gulf News

Dubai: Dubai Properties Group, a member of Dubai Holding, and master developer of the centrally located business district Business Bay, has recorded a sell-out response to phase one of its Bay Square project.

The first phase of the 5 million sq. ft mixed use project, located in the heart of Business Bay, received strong investor interest after it launched, with sales of over 450 commercial and residential units now confirmed.

Following the strong investor interest in phase one of the project, DPG confirmed that it is releasing further buildings in phase two for sale. The additional mixed use buildings are in the final stages of development and look set to attract further interest from local and international investors.

Speaking about the project, Khalid Al Malik, Group CEO of DPG, in a press release, said: “The strong investor response to Bay Square is a testament to the demand for centrally located commercial and residential property in the city. That, coupled with Dubai’s recognition as a thriving business hub for the region, has resulted in the interest we have witnessed in the last few days.”

“With the increase in demand for high quality mixed use developments from local and overseas investors, DPG is now releasing further buildings for sale in the second phase of the project,” he added.

The Rera registered Bay Square development includes 1 million sq. ft. dedicated to commercial space, with options available from 1,500 sq. ft. to entire floors, including balconies and terraces. With unobstructed views over Business Bay and the Burj Khalifa area, the development is accessible from all major highways and is in close proximity to the Business Bay Metro station, Shaikh Zayed and Al Khail Roads.

Bay Square will include 12 towers on completion of the project and is currently one of Dubai’s most sought after developments for commercial property investors, offering a finance package of 30 per cent on booking and the remaining 70 per cent on handover.

Retail units covering 290,441 sq. ft. at the podium level of each of the buildings have received strong interest from some of the top retail brands with numerous dining and shopping outlets already confirmed. Units are designed to include open terraces and piazzas for cafes and restaurants and have dedicated visitor parking.