Dubai's commercial property sector is witnessing a continuous increase in demand, with more than 24 million square feet of commercial space being developed at present to accommodate expansion of new and existing international and domestic companies.
AAKAR Developers Ltd., a leading Canadian real estate and property developer, has announced that the completion of its AED 200 million commercial tower - Canada Business Centre - in Dubai Business Bay is on track to leverage the current market boom. The developer is also keen to capitalise on the opportunities present in Dubai's buy-to-let office space market, as it offers very high returns on investments.
Industry statistics reveal that completion of the said office spaces will exceed the already existing corporate developments by more than 50 per cent. On the other hand, commercial office rent is expected to remain high throughout 2007 and 2008, with Dubai office rentals showing a 55 per cent increase over the past year. However, market research show that delays in the construction process is resulting in considerable financial loss to the investors.
"At the current rate of commercial property growth, we recognise the opportunity to cater to the high demand for office spaces and eventually ease the shortfall in this sector. As our initial offering in the region, a business address in Canada Business Centre Tower will ensure that resident companies are ideally situated to take advantage of market opportunities. We also guarantee timely delivery of Canada Business Centre Towers, as we aspire to build a reputation based on our credibility and the quality of our work," said Yadvinder Singh, CEO/ President, AAKAR Developers Ltd.
AAKAR has also recently registered for an escrow account with the Dubai Land Department and Al Mashreq Bank as mandated by the authorities in Dubai. The escrow account provides a guarantee that the funds for the construction of Canada Business Centre tower will be managed transparently thereby pre-empting any financial concerns that might cause construction delays. Specific advantages provided by maintaining an escrow account include information processing and monitoring of all cash inflows and outflows; the existence of a qualified engineer to verify project development and provide regular reports; waived fee for opening a trust account with Mashreq Bank; and service charges to be separately provided on a case-by-case basis.
"Our decision to register for an escrow account is a firm assurance to investors
that we are committed towards transparency and in compliance with all the regulations outlined by the Dubai Government. Through this effort, we are hoping to send a message across to our customers that AAKAR is taking all necessary measures to ensure the profitability of their investments. In addition, we have employed Cansult, a leading engineering services firm, to design the office spaces of Canada Business Centre Tower, which will allow either several businesses or a large department or company to reside comfortably on a single floor," concluded Singh.
With its prime location adjacent to the renowned Burj Dubai, the Canada Business Centre Tower will comprise 19 floors of modern office space and 7500 square feet of retail space at the ground level. The business tower will boast of an innovative design allowing panoramic lake views for 95 per cent of all offices through the floor-to-ceiling windows, whilst also providing high-tech conference rooms and business facilities to support commercial tenants. Amenities for rest and relaxation consist of a fully equipped gymnasium, steam room, rooftop pool, Jacuzzi, food courts, shopping boulevard and six levels of indoor parking.
