Omniyat Properties yesterday launched Octavian – a Dh1.2 billion 19-storey office twin tower – in Business Bay, kick-starting its investment plan of Dh15 billion for 2008.The Octavian, which has been approved by the Real Estate Regulatory Authority, is a joint venture with Investate, a real estate investment company based in Bahrain, in which Omniyat Holdings owns a 40 per cent stake.
“Business Bay is now emerging as the commercial capital of the Gulf resulting in strong demand from multi-nationals and local conglomerates for grade ‘A’ offices to serve as regional and international headquarters,” said Medhi Amjad Chief Executive Officer, Omniyat Properties.
According to real estate consultants, offices and residential space in developments nearing completion in Business Bay have jumped by almost 40 per cent to Dh2,400 to Dh2,800 per square foot in the past year.“An escrow account is being opened ahead of the official launch of the project next week”, Amjad added.
German design firm Kling Consult is designing the Octavian. Both towers have three podiums and four basement parking levels with 1,250 bays and tight security – part of the overarching Omniyat facility/property management experience.
The Octavian is named after Galius Julius Caesar Octavianus, the first emperor of Rome and the man behind some of the Eternal City’s most significant and lasting developments.The building’s ground floor will be alive with around 60,000 square feet allocated for retail space including shops, restaurants and other outlets.
“Enabling work will start in the third quarter of this year with completion scheduled for the first quarter of 2011,” he said.In 2007, Omniyat Properties launched The Pad and The Opus in Business Bay. “Our One Business Bay and Bayswater projects are now on track for completion and we will be delivering them this year,” Amjad told Emirates Business.
The company is looking to enter the Abu Dhabi, Bahraini and Saudi Arabian property market. “We will go beyond Dubai in 2008. We will be launching projects in Abu Dhabi, Bahrain and Saudi Arabia through relationships with our partners,” he added.
40%: Omniyat’s stake in Investate, the Bahrain-based real estate company
Dh15bn The value of Omniyat’s investment plan for 2008
60,000 Square feet of retailspace will be allowed for on the ground floor of the development – containing shops, restaurants and other outlets
Follow Emirates 24|7 on Google News.