International Investment Bank (IIB), a globally focused investment bank based in Bahrain, has announced further progress on the development of West Bay Tower, a commercial real estate investment in which the Bank holds a 65% shareholding.
IIB’s investment in West Bay Tower was heavily oversubscribed by investors from across the GCC in June 2006 and represents IIB’s second investment in Dubai’s Business Bay development.
“Following the appointment of several leading firms to manage the development of the uniquely designed 27-storey X-shaped tower, there has been significant movement forward in a number of key areas over the past months. Preliminary designs of the tower have been completed and submitted to Dubai Authorities TECOMM for approval, and work on the detailed design is now underway. Soil investigations and land demarcation have also been completed setting the stage for construction to commence in November 2006 with a view towards completion of the project in the fourth quarter of 2008,” said Aabed Al Zeera, Chief Executive Officer of IIB
Furthermore, important steps have been taken to facilitate the purchase of units and floors in West Bay Tower, which holds a highly sought after location overlooking the Sheikh Zayed Road and adjacent to the main entrance to Business Bay providing access to Dubai’s main artery and connecting to all major road links. The newly created financing plan for potential investors requires an initial deposit of 5% of the purchase price followed by staged payments at three-month intervals. Al Zeera further added.
“We are delighted with the advancements made at West Bay Tower. We have assembled a team of highly experienced and dedicated partners to develop and manage this world class project. We have already seen a strong response on the part of IIB’s clients across the GCC to invest in West Bay Tower and we are now seeing a similar enthusiastic response from investors and business owners looking for prime Dubai commercial real estate. With the progress made and a new financing scheme in place, we expect to experience a high level of success in the sales of space in this technologically advanced and uniquely designed building,” said Salah Nooruddin, Chief Operating Officer.
Offering 75,702 sq. metres of floor space, West Bay Tower provides users with four basement floors and three podium floors of ventilated parking and 21 floors of office space, with the top office units being surrounded by terraces. Additionally, the ground floor is accessible via a shaded public area leading through to the main lobby and will feature a shopping arcade with space for a minimum of five retail outlets.
The building will also feature a restaurant and café with outdoor seating on the podium level, and recreational area with a fully equipped gymnasium, sauna, rest area, change and locker facilities, outdoor swimming pool, plunge pool and whirlpool ensuring tenants can make the most of their leisure time.
With state-of-the-art technology throughout the building, including CCTV with 24-hour monitoring, Wi-Fi, high-speed Internet connection, 24-hour security and 24-hour maintenance, waterfront views and promenades through Business Bay’s picturesque landscaping, tenants establishing themselves at West Bay Tower will do so in the knowledge that they have chosen a prime position with the best of facilities.
West Bay Tower is being established at a total development cost of approximately US$87.84 million. The projects is being developed jointly by IIB in partnership with Saudi-based real estate company SNASCO. The project development team includes: Canadian engineering and project management services company Cansult Ltd; and Pan Arab project management firm Projacs International. Better Homes has been appointed exclusive sales agents for the project. While Intermarkets has been entrusted with the Marketing and Public Relations” added Mohammed Hadi Mejai.
IIB continues to explore and source high quality Shari’ah-compliant investment opportunities across diverse asset classes, industry sectors and territories with the aim of delivering real value for its clients.
