Mixed-use project outnumber pure commercial and residential projects in Business Bay, the central business district of Dubai, Emirates 24|7 can reveal.
Information provided by Dubai Properties Group (DPG), the master developer, reveals that Business Bay projects have been divided as follows: residential units (19.9 per cent), commercial (14.2 per cent) and mixed-use units (65.9 per cent).
No details were given on the number of projects completed and ongoing in the master development. Last year, Khalid Al Malik, Group CEO, DPG, told this website that they had no land plots for sale in Business Bay.
Giving an update on infrastructure development, a company spokesperson said: “We have invested heavily in infrastructure and services in Business Bay to date. We are working closely with several government authorities including the Roads and Transport Authority (RTA) and Dubai Electricity and Water Authority to deliver key infrastructure milestones within the development.”
“In addition, we continuously seek to support third party projects including new hotels in Business Bay such as The Oberoi and the Radisson Blu.”
The master developer said it has completed the internal road network and the sewerage system.
“In addition, an irrigation system and portable water system along with traffic signals and lighting throughout Business Bay are now 100 per cent complete, benefiting all residents and businesses in the area.”
The connecting road between Business Bay district and the Downtown area, which was done with the co-operation of the RTA, is now complete.
A service tunnel
Besides, a state-of-the-art service tunnel measuring a total of 236 metres has been constructed across the Business Bay creek to Jumeirah to house electrical cables and water pipes.
“The tunnel currently services Business Bay as well as neighboring projects, and will benefit residents and businesses in the area whilst attracting further interest from local and international investors to develop in this growing district of Dubai,” the spokesperson said.
In October 2012, it was announced that the Business Bay canal would be extended from the Business Bay area from Sheikh Zayed Road to the Arabian Gulf in a waterway stretching 2.8 km in length and width ranging from 80 to 100 metres. The canal will cross Sheikh Zayed Road (before Al Safa Interchange) and pass across the Safa Park, Al Wasl Road and Jumeirah 2 to terminate at the Arabian Gulf.
Mixed-use projects in demand
DPG, the real estate arm of Dubai Holding, has announced last week that it has completed two buildings in the first phase of construction at its Bay Square in Business Bay, while four more buildings are in the final stages of completion.
Al Malik, in a statement, said: “We see the commercial and residential real estate sector continuing to experience stable growth. With increased demand for mixed-use developments such as Bay Square, coupled with the progress we have made in completing major infrastructure milestones in Business Bay; now is the right time to release the buildings for sale.”
The spokesperson added that the Aspect Tower, consisting of 166 office units, with sizes varying from 1,000 square feet to up to 3,000 square feet, is now fully occupied due to the vast demand for freehold office space in the emirate.
Earlier this month, Deyaar Development said it would be launching two new projects in Business Bay by year-end.
Arabtec Construction disclosed last week it has been awarded a Dh810 million project to build a pair of twin towers housing a 5-star hotel and serviced apartments in Business Bay.