Conceptualized as replication of Manhattan in New York
and Ginza in Tokyo, Business Bay is an innovation in the city state of Dubai. Construction
began in 2003 and by now most part of the mega project is complete and has
morphed into a vital strategic asset.
A city within
a city, Business Bay Dubai is a mixed commercial, residential and retail
centre sprawling over 64 million square feet. Originally it was thought purely
as business centre with focus on commercial buildings. However, the mixed
development turned out to be a greater success.
Its location breaches the drenched part of Dubai
Creek and extends from Al Khor to Sheikh Zayed Road. A network of roads,
pathways and canals connect internal access. External transport connectivity covers Burj Khalifa, Dubai
Mall and Dubai Canal. Thus proximity to downtown Dubai makes it an excellent
location for tourists, business travellers and residents.
Well-known names in the hotel trade such as Hilton, Radisson and JW Marriott
have their premium five star hotels inside the Business Bay. For dining there
are restaurants from many cultures that have menus for Eastern, Western and Mediterranean
cuisines. Wining and dancing in famous night clubs is indeed a pleasant experience.
Compared to Dubai Marina which is the number one stop for
gracious living in Dubai, business Bay is almost next in terms of providing the
type of luxurious living at affordable cost. For example, outright purchase of real
estate apartment in up and coming Noora Tower is below 6.8 million AED. Annual rent
for stores below 1,000 square feet is quoted around 82K AED.
While for short-visit travellers and tourists it is
a better watering pee
business travellers and long stay expats would find it as a boon in giving them
opportunities to meet up with high profile businessmen and professionals.
Real estate Investors are the best lot to get the maximum from Business
Bay. They have a pool of real estate assets to cherry pick from the mixed
development project. Return on
investment averages at 6% per annum for property holdings.
The question remains how Dubai would incorporate
this vital asset into her business
strategy.
Cheers!
Muthu
Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business
Strategist
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