Dubai Properties begins handover of mixed use project at Bay Square

Posted on 1st July 2014

BusinessBay

Dubai Properties (DP), the development company of Dubai Properties Group (DPG), has started the handover process at its popular mixed use Bay Square development in Business Bay. Bay Square recorded a sell-out response when it was launched for sale last year which prompted huge demand for other similar projects in Business Bay.

The development comprises 13 low-rise buildings which include residential, commercial, retail units and a hotel facing a landscaped courtyard. DP has commenced handovers with new owners of up to 570 commercial units, covering one million square feet , in Bay Square, and with new tenants of over 120 retail units at the podium level.

The retail units at Bay Square are designed to include open terraces and piazzas for cafes and restaurants. Brands already confirmed for the community retail centre include Emirates NBD, Hummingbird Early Learning Center, Life Hypermarket, Life Pharmacy and Uranus Travels & Tours. In addition, negotiations with a number of dining and retail outlets and health and beauty services are also underway.

 Commenting on the development Khalid Al Malik, Group CEO of DPG, said: “Since its launch, we have witnessed a strong response from local and overseas investors in Bay Square and are now proud to see handovers commence on this centrally located, high quality mixed-use development. "As the dedicated development company of DPG, DP will continue to deliver integrated projects in every segment and corner of Dubai, to support the growing real estate sector.”

DP also worked with Dubai Islamic Bank to offer commercial investors in Bay Square a competitive finance package of up to 65 percent of the total cost of the unit for UAE Nationals and up to 60% for expatriate residents with profit rates from 5.99 percent p.a. Dubai Islamic Bank is also offering home owners finance of up to 80 percent of the unit cost for UAE Nationals and 75 percent for Expatriate Residents, with profit rates starting from 3.99 percent  p.a. on finance of up to 25 years.

Situated close to the well-established South Ridge and Executive Towers and overlooking Business Bay, the 5.1mn square feet (BUA), Bay Square is accessible from all major highways and is in close proximity to the Business Bay Metro station, Sheikh Zayed and Al Khail Roads.

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