Billed as a ‘country-themed’ business tower, the US$68 million Swiss Tower is now sold out and ground breaking and piling work is set to start this month, according to Dubai-based property services leader Asteco.
“There is still healthy demand in the market for the right product aimed at the right buyers and end-users,” said Andrew Chambers, Asteco Managing Director. “Half the building sold out immediately, attracting local investors and end-users and interest from Chinese, Russian and Swiss investors.”
Chambers added: “A European investment fund also bought into the project, and evidence shows that investment from international funds in developments that are properly conceived and marketed will become a growing trend as Dubai real estate continues to mature.”
Dubai-based Asteco is managing sales and property services consultancy for the 40-storey Swiss Tower, located in plot Y3 of Jumeirah Lake Towers. The dedicated office tower was sold out in four stages, with phase one buyers snapping up the first units in March. Retail space on the ground floor will go on sale by the third quarter of 2006.
Built by a consortium led by Al Tamimi & Company, the venture is supported by the Swiss Embassy in the UAE, the Swiss Consulate General and the Swiss Business Council.
Due for completion by the spring of 2008, Swiss Tower is a freehold development with six offices on each floor. Priced at AED800 per square foot, special payment structures were offered to investors allowing staggered payments.
Founded in Dubai in 1985, Asteco is the UAE’s largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.
