90% of O14 sold with an occupancy rate of 25%

United Arab Emirates, Dubai - 15th March 2011 - H&H Investment & Development (H&H), a Dubai based boutique property developer, officially announced the launch of their latest commercial development, O14, at an exclusive event held yesterday at the tower.

The launch of O14 was complimented with the display of a renowned Spanish artist, Serrano Bou's latest project, "Eyes through Eyes" for the first time in Dubai. Attendees to the event included investors, consultants, senior officials, and both art & architecture admirers to witness the artist's debut in Dubai, as well as the contemporary features of the building.

Strategically located in the center of Business Bay, the construction of the tower started in February 2007, with District Investment and Developers as the main investors and H&H as the developers.

The O14 Tower is 22-storey freehold building, designed by award winning New York based architects, Reisur and Umomoto and is built around a new philosophy with the structure and skin flipped to offer a new concept of space. The O14 has a perforated concrete façade that acts as the core of the tower. The façade perforations serve as a solar screen, letting in exceptional levels of light, air, and views through to the interior occupants of the Dubai Creek, Burj Khalifa and the Godolphin Stables. The one-meter space between the façade and the building's glass surface also acts as a chimney effect causing hot air to rise, creating an efficient passive cooling system, therefore reducing energy consumption by at least 30%.

The selling prices of the tower began at AED 1,300 per sq. feet with H&H having already sold 90% of the building. "We believe that the market prices are becoming more attractive for international operations to set up in Dubai. Dubai is becoming competitive in pricing and the cost of living has now dropped in comparison to other global cities like Singapore, London and New York", said Shahab Lufti, CEO and founder, H&H Developers.

The current occupancy of O14 is at 25%, and the tenants include District Investment & Development LLC, United Insurance Brokers, Mostafa Bin Abdul Latif Group, Habib Al Mulla and Company and Batia Group, among others. A maximum of 30 tenants have access to a diverse array of amenities including four levels of underground covered parking, recreational facilities, a restaurant and several retail outlets, all complemented by modern office infrastructure and a majestic setting. The building also has a permanent power connection from DEWA.

The real estate industry contributes 22% to the GDP of the UAE economy. However, suffered its greatest blow during the 2008-2009 financial crisis. An estimated 400 projects worth more than $300 billion were cancelled, as of last year. The completion of developments such as the O14 is an indication that the market is now, slowly picking up.

"Our outlook for the recovery would be 2-3 years and we also know that there is currently an over-supply in the market, especially in the office sector. We believe that the prime locations and high quality buildings will suffer the least and be the first to be occupied," said Shahab Lufti of H&H, commenting on the future of the UAE real estate market.

H&H is currently investing in the UAE real estate sector such as construction companies and retail operations along with facility and property management services. Their focus is on high-end residential projects, unique retail developments and luxury hotels in the non freehold areas of Dubai. Commenting on H&H's future plans for UAE, Shahab added, "Our goal is to be the premium service providers in the real estate industry, and we currently have close to 3 million square feet under management in Dubai".

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About H&H Investment and Development
H&H is a Dubai based development company established in 2007 by Shahab Lutfi Harmoozi and Mohamed Al Hussaini. Offering turnkey solutions for its extraordinary master planned developments, HH approaches each project with the right blend of innovation and intuition to create timeless developments on the city's new horizon.

Business functions of the company stretch across investment and development and extend into property management and leasing, both residential and commercial. H&H has the sophistication and flexibility to create value across multiple asset classes and marketplaces and is not limited by specific investment criteria, but motivated instead by solid market fundamentals and value creation.

H&H offers a complete range of services on both local and international levels to tenants, owners and investors and is committed to working seamlessly with world renowned and local architects to create unique projects of distinction and character.

H&H has consistently demonstrated its ability to calculate risks, push traditional market boundaries, and capitalize on the momentum generated from unconventional developments. HH are proactive in finding solutions for its clients that best meet their expectations, and believes in lasting relationships as a core aspect of its business.

For further information about H&H, please contact:
H&H Head Office
Tel: +9714 344 7483
Fax: +9714 344 7486
Email: info@h-h.ae

© Press Release 2011