Master developer Dubai Properties, a subsidiary of Dubai Properties Group, yesterday said it sold an entire building in its Dh6 billion Bay Square development within hours of release.
The building is an eight floor, mixed-use structure offering 11,754 square metres of commercial space, 2,116 square metres of residential space, and room for 17 retail outlets. It will encompass 53 offices, and 17 one-bedroom apartments. The achievement follows Dubai Properties' successful sale of several other projects since Cityscape Dubai in 2007, the region's largest regional business-to-business property investment and development event.
The remaining buildings within the five million square feet new-age community project in the Business Bay area will be listed for sale throughout 2008.
Targeting residents, retailers and businessmen seeking a stress-free lifestyle within a corporate environment, Bay Square will comprise 13 mixed-use buildings, including a boutique hotel with a downtown setting and a residential tower.
The remaining eleven buildings in the development will include mixed-use projects featuring commercial and retail space, terraced apartments and two stories of rooftop apartments.
A pedestrian-only zone, Bay Square will boast retail outlets, a central plaza, restaurants, hosting cafés, and state-of-the-art gym.