Deyaar, a wholly owned subsidiary of Dubai Islamic Bank and the region’s fastest growing real estate company, today said it had sold close to 85% of its prestigious The Burlington tower in Dubai.
The sale was achieved within a month of the launch of The Burlington – a plush 35-floor commercial tower planned in Dubai’s prominent Business Bay area. The construction of The Burlington will kick off in January 2007 and is scheduled for completion in December 2009.
The development assumes significance as it unfolds an interesting mix of property investors and surging demand for commercial space in Dubai.
Expressing views on the changing dynamics of Dubai’s property market, Zack Shahin, CEO of Deyaar, said, “The property market in Dubai mirrors many interesting trends, the most important being the new breed of investors that is showing interest in buying or trading in property in the Emirate. The sale of The Burlington reflects just that. Demand for commercial space in Dubai is surging, backed by strong fundamentals of the market, new free zones and the government’s pragmatic approach to business. The Business Bay in Dubai is evolving as a regional business hub, gaining parity with key international cities.”
The speedy sale of The Burlington is an indication of the trust and confidence that patrons and new investors place in Deyaar, Shahin added. Strategically located, The Burlington is set to emerge as an exclusive business address in Dubai’s prime commercial area. The project offers over 476 luxurious offices, ranging from a minimum of 530 to a maximum of 2,019 square feet.
Elaborating on the sale, John D’Cunha, Executive Vice President, Deyaar, said, “The Burlington was launched with the intention of meeting the soaring demand for hi-end, luxury office space in Dubai. The project has also been structured in a way that it maximizes returns to investors. Its immense investment value coupled with its unique design has generated response that is truly overwhelming.”
The Burlington demonstrates the exceptional value that Deyaar creates through its projects. It also aligns well with its plan to systematically expand its investor base. The tower offers a chic, designer lobby, a 19,750 square feet shopping arcade, a panoramic gym and sporting facilities at the 20th floor. It also comprises a dining plaza with a spectacular view a number of coffee shops.
In addition to these, The Burlington is equipped with a business centre with conference and training rooms and a lavishly designed business lounge. Aside from this, it offers smart security systems and podium parking.
Deyaar has been in the forefront of Dubai’s real estate development with several noteworthy projects including Seef Tower I in Dubai Marina, Seef Tower II and Seef Tower III in Jumeirah Lake, Madison Residency on Sheikh Zayed Road, Citadel and Churchill in Business Bay and Al Dana in Sharjah.
Deyaar’s unique business model coupled with new initiatives to be rolled out in 2007 is expected to shape Deyaar as the finest provider of real estate solutions in the region.
