Leasing of Single Business Tower in Dubai Announced by DIP

One of the leading developers in the UAE, DIP- The Dubai Investment Properties, has announced the beginning of the leasing process of their latest commercial development called Single Business Tower.

The company is to lease 248 office units and 7 retail units at their new tower on Sheikh Zayed Road.

According to Anj Viadi, the Property Manager of Single Business Tower, the tower has been completed much ahead of the scheduled date. The tower has been given its central location, elegant façade and the modernized interior serving as an ideal business location for various companies seeking brand recognition.

He added, “The building incorporates energy efficient and self-sustaining features, with 248 modern offices and retail spaces spread across its 45 storeys. The green building guidelines have been followed to ensure energy efficiency, the big French windows help in capitalizing natural lights, while glass panels help divert heat and minimizes A/C consumption. The Single Business Tower also has advanced security and fire protection systems that ensure security of tenants at all times.”

Apart from all this, the offices within the business tower are designed in a way that they ensure maximum space efficiency and functionality. There are a several amenities and service outlets have been added to compliment a functional business environment.

This will make the Single Business Tower an attractive option for the business seeking to establish their main branch offices offering round the clock management services, ample parking space propinquity to the Business Bay metro station and the awesome views of Arabian Sea and Burj Dubai.

Along with the first class office retail spaces, the tower also offers reception and concierge services to tenants, a conference room which is fully furnished, business lounge, separate gymnasium for men and women both, a multi-level car park for tenants, business services and other management facilities.

Depa Bags Fit-Out Contract for Conrad Hotel Property in Dubai

Depa Limited is one of the world’s leading interior contracting companies. It has recently announced that the company has got a Dh 207 million contract to fit out all public areas, suites and guest rooms for Conrad Hotel property in Dubai. This hotel property is expected to get completed in the mid of 2011. As far as the fitting out of guest rooms is concerned, there are about 500 guest rooms. Apart from this, there are two ballrooms, executive lounges, business centre and 11 meeting rooms which are to be designed.

Previously, Depa has done various popular projects which include: Emirates Palace, Atlantis, The Palm and last but not the least the one and only Burj Al Arab. This Conrad Hotel project is yet another exciting one for the company as they are looking forward to closely work with the parties involved in it. The CEO, Mohannad Sweid of Depa Limited, said: “This contract win further strengthens our backlog position and Depa continues to be on target in terms of profit and revenue growth for 2009. This is driven by our consistent market leading position and due to the fact that we are invariably the preferred bidder for these types of major developments and projects due to unrivalled experience and track record of delivering prestigious works on time and within budget to the highest standards.”

This hotel is ideally located on the Sheikh Zayed Road which is just 20 minutes drive away from the Dubai International Airport.

ETA Star handovers Liberty House Real Estate Development

ETA Star is one of the leading real estate property developers in the UAE. This real estate company has now started handing over residential and office units to Liberty House owners. It is located in Dubai International Financial Centre district (DIFC). This property development company has already begun the handling of Dh700 million. Liberty House offers a complete range of freehold residential accommodation. The project is a 42 storey freehold tower; L shaped comprising of luxury studios, 1-2 bedroom duplexes and 1-2 bedroom apartments.

The Executive Director of the ETA Star, Abid Junaid said: “With great pride, we are pleased to say that we are amongst the first private property developers to deliver a project in the DIFC district. Keeping in mind to the current scenario, the delivery of the magnificent Liberty House holds strong significance in our hearts as this validates our trust and commitment towards our loyal patrons and customers. We will continue to strive towards completing our projects as per schedule.”

Liberty House is a full fledge unit comprising of office space, residential accommodation, car parking etc. This property in Dubai consists of office spaces on 10 floors. Above this there are 20 floors providing luxurious residential accommodation. Moreover, car parking is not at all an issue as 6 levels of car parking are available. This office property in Dubai in Liberty House is centrally located around an atrium space thereby, providing a lively and a comfortable environment for the employees. Moreover, the apartments are being developed with contemporary designs and a great level of sophistication is also involved. Apartments are designed keeping in mind the modern lifestyle with terrace areas. Thus, it has become a perfect residential and a commercial property.

Dubai Commercial Leases dropped by 64 per cent

A report has been generated by the Investment Boutique and Better Homes on commercial Dubai real estate market. In that report it was studied that for commercial Dubai property sector lease rates are likely to drop in the year 2009 at an average of 64 percent and then in 2010 it would further drop 20 percent. The report authors have realized that now that Dubai property market is very unpredictable, the traditional forecasting techniques cannot be applied on Dubai property market. This industry in Dubai moves from approximate immaturity to regulated fields.

The Department of Economic Development highlighted the figures of new licenses issued. The figures have fallen as the number of licenses issued in Q1 of 2009 has fallen by an average of 21 percent per month compared to the same in Q4 2008. Moreover, the white collar office employees are even predicted to fall in numbers. In the year 2009, they are predicted to fall by 237,286 from 280,088 in 2008. Dubai commercial real estate sector also deals with the fact that there is no central business district in this emirate unlike other property and real estate markets. Since the market is rapidly changing, most of the corporations and multinational companies are renting the offices rather than owing one.

Moreover, as the real estate sector is very un-precise, many landlords have now opted for signing short term leases. Companies have taken office space wherever they could afford over the past three years. With this a new pairing of space and businesses has been developed. In addition landlords are expected to implement various different strategies in order to keep their business in profitable terms. Various initiatives which the landlords might take include parking expansion, rent free periods, and long term contracts. These are some of the strategies which the landlords are expected to implement over the coming quarters in order to maintain their business levels.