Dubai – MENA Herald: The handover at The Exchange Tower in Business Bay has been fully completed with 188 offices handed over to landlords. The tower, which was completed in January 2016, is fully live and operational marking a historic year for the Saudi-based real estate developer Tanmiyat Global, who also recently announced the Phase 1 handover of the Living Legends Community in Dubailand containing 184 villas and 144 apartments.
“This is an exciting time for Tanmiyat; 2016 is all about delivery and we are showing our commitment to our clients and partners with the completion of The Exchange Tower.
There is no doubt that the past several years have been tough for the construction industry in the region but we believe in this market and feel the only way is up from this point”, comments Mohammed bin Odah, CEO of Tanmiyat.
The Exchange Tower located in Business Bay opposite the JW Marriot Marquis, includes offices and retail spaces that have been finished to a high standard using top quality materials. With many offices already leased, several landlords are benefitting from a 9% net on rental yield, one of the highest in the commercial property market.
“The Exchange Tower is in a close proximity to new landmark the Dubai Water Canal and is in a fast growing location near the new address of the Dubai Financial Market. The location offers steady and clear growth potentials to our clients and we are already witnessing high demand from secondary markets on the tower. We are expecting Business Bay to attract more anchor brands and large corporations in the future”, continues Mohammed.
The demand is partly due to the positive impact of Expo 2020 which has seen more companies relocating to Dubai and new start-ups entering the market. In fact, the Department of Economic Development (DED) in Dubai issued 22,691 business licences in 2015, an increase of 17.4 per cent compared to the total number of licences issued in 2014.
“Recent market results have been a clear indication that Dubai remains an attractive destination for companies and investors due to robust economic activity prevailing in key sectors.
We are carefully monitoring the market and looking at potentials as we aim to keep expanding our portfolio”, concludes Mohammed bin Odah.
Tanmiyat’s key developments include the Living Legends Community containing apartments, villas and mall, The Exchange Tower and The Court Tower on the Business Bay canal. Phase 2 of Living Legends will start handover in Q4 of 2016 whilst the full line-up of facilities including a school, mall and 5-star hotel will be complete in late 2017.
The handover of both The Exchange Tower and Living Legends projects demonstrates Tamiyat’s commitment to delivering icons in the UAE and the future looks bright for the real estate developer.