Dubai: SABA Tower 1 to become first freehold luxury office tower to be delivered to investors
SABA Real Estate, the Dubai-headquartered real estate major, has announced that construction on the SABA Towers, valued at approximately AED 1 billion, is proceeding at a fast pace and the Towers will be ready for delivery well within schedule. SABA Tower 1, which was launched in 2003 as the first office tower in Dubai to offer freehold luxury offices to GCC nationals and expatriates, is set to become the first such tower to be ready for delivery.
The SABA Towers project comprises SABA Tower 2 and 3, a residential twin-tower, besides the 36-floor SABA Tower 1 - all strategically located on the Sheikh Zayed Road, in the heart of the Jumeirah Lake Tower development in New Dubai area, the lifestyle and business corridor of the UAE. The Towers overlook The Palm Jumeirah, and is in the neighborhood of Dubai Marina, Dubai Internet City and Dubai Media City.
SABA Tower 1 offers over 360,000 square feet of office space, and is equipped with state-of-the-art facilities. The individual offices will all feature high-quality finished ceilings, and will have specialty entrance doors.
The project is expected to be complete by early April, 2006. "We are focused on ensuring timely completion of SABA Towers and can assure investors that all three towers will be delivered on schedule," said Behrouz Javaheri, Chairman, SABA Real Estate. "The first project to be delivered will be the landmark SABA Tower 1, which is the first freehold luxury office project in the UAE. The project offers businesses a unique opportunity to own an office, effectively allowing them to turn the expense of rent into an asset. Equally, it allows business professionals to work from business premises that reflect their corporate objectives."
"Product availability has now become the primary concern for property investors, who prefer a shorter Return on Investment (RoI) period and are hesitant to wait for long years for the project to be delivered. At the same time, investors are more conscientious today about quality than ever before, which gives SABA Real Estate a competitive edge as our projects are known to subscribe to the highest quality standards," Javaheri said.
"SABA Real Estate has a vision for the future of the UAE property market, and we realize that a strong reputation built on an unwavering commitment to quality is essential to achieve our long-term goals. All professionals engaged in the construction of SABA Towers bring with them extensive experience and know-how, having been instrumental in the development of several prestigious real estate projects in the region. We have made it a policy to go beyond contractual obligations to provide added value to our clients. In addition, SABA Real Estate itself will be managing all its facilities in order to ensure that maintaining high standards continues to remain a priority," Javaheri added.
SABA Tower 2 and 3, launched in 2003 and 2004 respectively, are the first residential twin-towers in Dubai. The project will have a combined 700 apartment units. SABA Tower 2 is scheduled to be complete by early November, 2006, while Tower 3 is expected to be ready for delivery by March 2007.
Saba Twin Towers will offer fully-furnished studio, one and two-bedroom apartments, in addition to three-bedroom and penthouse apartments. Saba Twin Towers also include a state-of-art health club, temperature controlled swimming pool, high-speed elevators, professionally landscaped leisure areas and 24-hour security and facilities management services.
SABA Real Estate has partnered with UK-based consultants Robert Mathew, Johnson-Marshall (RMJM), one of the world's leading architectural and engineering firms, for the Towers' construction. Regional construction major Arabian Construction Company (ACC) is the primary contractor for SABA Towers.