42-storey mixed-use office and apartment structure prime commercial property Liberty House within the Dubai International Financial Centre (DIFC) was acquired by Tasweek Real Estate Development and Marketing.
According to a press release, the transaction is part of Tasweek's USD 250 million buildup of a real estate investment portfolio featuring key Dubai and Abu Dhabi projects within the next 18 months.
"Strategic acquisitions such as the Liberty House commercial property allow us to position ourselves advantageously as the local property sector proceeds with its market stabilization initiatives. Given today's tight business environments, more companies are searching for strategic locations that enhance their visibility, access to key markets and logistical capabilities. Liberty House is a perfect beginning for our new portfolio and a welcome addition to our overall long-term investment plans," said Tasweek CEO, Masood Al Awar.
Under the deal with Dubai real estate developer ETA Star, the commercial property represents a long-term investment into DIFC, which leverages the UAE's strategic location near the booming Asian and European markets and the Centre's proximity to key Dubai developments such as the Metro Station, Emirates Towers and Burj Dubai. Liberty House consists of eight floors of spacious open plan offices and 29 floors of luxurious apartments.
"Future Liberty House clients can avail of DIFC's various business-friendly incentives, such as freehold ownership of offices and residences, 100 percent foreign ownership of businesses, an internationally qualified financial regulatory environment, zero-rate tax, and unrestricted repatriation of capital and profits. Since opening in 2004, DIFC has generated considerable demand from firms searching for quality offices situated near Sheikh Zayed Road," he added.
Tasweek is scouting strategic location properties in Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi and Dubai Marina, Jumeirah Beach Residence and Dubai International Financial Centre (DIFC) in Dubai for its new multi-million dollar property portfolio. The upcoming acquisitions are expected to generate a return on investment of at least 10 percent.
Showing posts with label Commercial Property. Show all posts
Showing posts with label Commercial Property. Show all posts
Monday, November 23, 2009
Thursday, June 5, 2008
Actor Brad Pitt to help design hotel in Dubai
While browsing the net, I happened to see the hollywood actor's name Brad Pitt at the bottom of the result for Dubai real estate phrase.
DUBAI (Reuters Life!) - Actor Brad Pitt will be part of a team of consultants appointed to design a new five-star hotel and leisure development in Dubai, developer Zabeel Properties said on Monday.
Pitt is the latest Western celebrity whose name will feature in Dubai's booming luxury property sector, after another developer launched projects carrying the names of sports icons Boris Becker, Michael Schumacher and Niki Lauda.
Pitt will be part of a team of consultants from Los Angeles-based architecture firm GRAFT which will be tasked with designing the 800-room hotel, Zabeel Properties said in a statement, without giving the project's costs or construction dates.
In December, Pitt said he wanted to build 150 environmentally friendly homes for families displaced by Hurricane Katrina in New Orleans in 2005.
The hotel will add to Zabeel Properties property portfolio which includes residential, commercial and hospitality developments worth around $5 billion, the company said.
Dubai, a city of sky scrapers and mega-developments such as man-made islands, is the Gulf's tourism and trading hub. Its real estate sector has boomed since the United Arab Emirates member allowed foreigners to invest in property in 2002.
Source:Thomson Reuters
DUBAI (Reuters Life!) - Actor Brad Pitt will be part of a team of consultants appointed to design a new five-star hotel and leisure development in Dubai, developer Zabeel Properties said on Monday.
Pitt is the latest Western celebrity whose name will feature in Dubai's booming luxury property sector, after another developer launched projects carrying the names of sports icons Boris Becker, Michael Schumacher and Niki Lauda.
Pitt will be part of a team of consultants from Los Angeles-based architecture firm GRAFT which will be tasked with designing the 800-room hotel, Zabeel Properties said in a statement, without giving the project's costs or construction dates.
In December, Pitt said he wanted to build 150 environmentally friendly homes for families displaced by Hurricane Katrina in New Orleans in 2005.
The hotel will add to Zabeel Properties property portfolio which includes residential, commercial and hospitality developments worth around $5 billion, the company said.
Dubai, a city of sky scrapers and mega-developments such as man-made islands, is the Gulf's tourism and trading hub. Its real estate sector has boomed since the United Arab Emirates member allowed foreigners to invest in property in 2002.
Source:Thomson Reuters
Wednesday, December 12, 2007
Dubai Property market investment
More property investors are purchasing Dubai Property than anywhere else in the world where investors can expect almost a 30% or more return on any property. Dubai is one of the few Arabian states open to the West in terms of culture and social integration and secure in terms of political and economic environments. The Dubai property market is growing and anyone who invests in the property in Dubai will see a rapid turnover in their investment.
Property prices have increased year on year since the launch of the freehold properties to overseas investors but despite this there has been no apparent let up in Dubai property sales. Recent studies suggest that the demand for residential and commercial Dubai real estate is likely to continue for the foreseeable future.
Among the popular Dubai property and real estate development include:
- Acacia Avenues
- Dubai Marina
- Business Bay
- The Palm Islands
- The World
- Dubailand
- Downtown Burj Dubai
- Jumeirah Lake Towers
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