Omniyat PropertyOmniyat Property

Termed as the iPad, the 23-storied building will come up on a 5,000 sq ft plot at the Business Bay. Construction will start in the first quarter of 2007. However, unlike most of the other buildings in the Business Bay, this would be exclusively a residential apartment. The building will have 200 studio and two-bedroom apartments catering to the high-end customers and is due for completion in 2009.

Talking to Khaleej Times, Mehdi Amjad, President and CEO of Omniyat PropertyOmniyat Property Development Corporation said, "The building will be one of its kind in the world reflecting the exclusive lifestyle the city offers. Looking at the great potential of Business Bay, we decided to have iPad building as a purely residential apartment."

Designed by Hong Kong-based architects Cyber Tecture, the building's facade is designed in such a way that the iPod sits on top of a docking station and is even angled at six degree to give the exact look.

Earlier this year, Almasa Holdings, the Dubai-headquartered conglomerate specialising in information technology and real estate, unveiled a new company 'Omniyat Holdings' to become the parent organisation for its successful property development arm, Omniyat PropertiesOmniyat Properties. The company was created with an authorised capital of $250 million and today its portfolio has reached $6 billion and is likely to touch $10 billion by 2010.

The company manages Omniyat PropertiesOmniyat Properties and future companies, investments and business ventures, and will identify viable opportunities in the region, with an emphasis on the property sector.

Omniyat PropertiesOmniyat Properties has already launched four commercial towers, One Business Bay, Bayswater, The Binary and Gemini all within the boundaries of Dubai Business Bay. The first residential project, The Square, has already experienced significant sales success with phase-one being sold out within the first three days of launch.

"We have launched five projects from February to December this year of which three are under construction while the fourth project will commence by the year-end," says Amjad adding that about 90 per cent of the projects are already sold out. However, Amjad did not disclose the investments in the projects.

BY MANU SHARMA

© Khaleej Times 2006

 

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