AAKAR Developers, a leading Canadian real estate and property developer, has announced that 30 per cent of its AED 200 million project Canada Business Centre (CBC) tower has been completed. The company has also revealed that the project, located at the main entrance of Business Bay, is set for completion by the third quarter of 2009. AAKAR Developers has revealed that the Canada Business Centre is poised to be among the first projects to be delivered in Business Bay.
Furthermore, EllisDon Project Management, the client representative for CBC tower, has announced that the pace of construction is swift and the construction site is highly active with over 500 workers, site managers, engineers and other personnel, who have been deployed to ensure a smooth and consistent pace of development. Upon its completion, Canada Business Centre will incorporate a wide range of high-technology facilities and infrastructure designed to cater to the needs of various business organisations.
Yadvinder Singh, Founder/Chairman, AAKAR Developers said: "One of the biggest advantages of the Canada Business Centre is that we have maintained a healthy pace during all stages of the project development, which will ensure a timely delivery.
The ongoing global market slowdown may not even impact the sales success of the Canada Business Centre as the expected shortage in supply of world-class, high-technology business towers will enhance the project's business prospects during its scheduled delivery in 2009. As such, we believe that it is the right time for investors to purchase as the reduced pace of development will lead to a new surge in demand and the subsequent decrease in supply will force prices to go up in the next few years. This will also lead to an increase in rental demand followed by an increase in ROI as well."
"Dubai's rental market has strong fundamentals. Historically, when the rental market has been robust, and there is low vacancy, it has signified a bright future for the real estate market. Also, companies who pay high rents for their office buildings are more likely to buy their own building eventually, especially when the banks are investor friendly. Viewing the Dubai market and the global slowdown, we believe that the shortage of supply will lead to a boom in the rental market and we expect Dubai's real estate market to witness a surge in serious long- term investors in the period ahead, which will eliminate the speculation in the sector," added Singh.
Set to accommodate the regional headquarters of leading and rapidly growing Canadian businesses in the Middle East and other Dubai-based companies, the CBC tower will comprise three basement levels, a six-level indoor parking, four podium levels including the ground floor, 16 floors of modern offices and 7,500 square feet of retail space on the ground level. Strategically located at the main entrance of Business Bay and offering a scenic view of the renowned Burj Dubai development, the tower has been equipped with high-tech conference rooms, modern business facilities and offices, and offers panoramic lake views through the floor-to-ceiling windows.
The commercial tower will also house various rest and relaxation facilities such as a fully equipped gymnasium, steam room, rooftop pool, Jacuzzi, food courts and a shopping boulevard. "Canada Business Centre reaffirms our commitment to develop properties that truly deliver great value to investors and end-users. We have maintained the highest level of quality across all stages of the development, while making sure that we remain right on schedule for timely delivery. We have progressed to the advanced stages of the development despite the various challenges that have hit the construction industry, and such resiliency speaks greatly of our ability to remain focused on our goals at all times. Furthermore, we have made it our top priority to deliver the project on time to enable our investors to optimise their investments as the tower is set to be one of the first projects to be completed in Business Bay, further boosting its sales prospects," concluded Singh.
