bq | INFRASTRUCTURE | IN CONTEXT
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48-storey residential tower in Dubai Arady Developments LLC, a joint venture between Deyaar Development PJSC (Deyaar) and Dubai Properties Group, recently announced the launch of its 48-storey residential tower, a part of the prestigious Central Park project at the Dubai International Financial Centre (DIFC). Located in a prime residential area in close proximity to Dubai Mall, Emirates Towers, Burj Khalifa and the Financial Centre metro station, the Central Park residences are insightfully conceptualised to reflect the upscale lifestyle and enterprising spirit of its residents. Spread across nearly 575,000 square feet, the tower comprises 426 apartments including plush studios, one and two bedroom apartments, as well as two and three bedroom duplex and triplex penthouses. Nearly 80 percent complete, the tower features the finest in nextgeneration, premium high-rise living, including ultra-modern facilities such as a podium-level landscaped courtyard, swimming pools, as well as exclusive shopping and dining outlets.
Cheaper office space need of the hour in Doha
Saudi Build 2013
A likely upsurge in small and medium-sized businesses might push up the demand for cheaper office space in Doha, market researches and operators have suggested. Office rents have been stable in the prime central business district (CBD) of West Bay until June 2013, averaging QR 230 per sqm a month. But, more than half of the total space under occupancy here is with government-related entities. The demand is higher for medium and low-end office space whose rents usually range up to QR 145 per sqm on average. Rents of affordable office space have also been stable except that they showed a slight five percent increase in the first three months of 2013 over the same period the year before. Rents were stable in the second quarter (April to June), and might now show a slight upswing due to rising occupancy levels. This is particularly true of office space on the busy C and D ring roads, where occupancy rates have lately shown an increase. Departing from the earlier practice, owners of properties in these areas are now offering smaller units to prospective office tenants to cater to rising demand. It is now possible to rent even 50 to 100 sqm of office space in the above properties. According to Tamween, a development management consultancy and subsidiary of
Saudi Build 2013, the 25th International Construction Technology and Building Materials Exhibition will kick-off on 4 November, 2013 at the Riyadh International Convention and Exhibition Center. Now on its 25th year, Saudi Build will reflect how, with around SAR 375 billion worth of projects in the pipeline, KSA continues to be a driving force for construction in the MENA region. It will offer trade visitors exciting displays of the latest and topnotch building materials and equipment, architectural finishing products, stone, marble and granite products, construction tools and technology, engineering services, infrastructure materials, and security and safety systems, among others. The show will serve as the main platform for building new business opportunities in Saudi Arabia’s construction sector through displays and presentations of the latest in technology, machinery and equipment. Last year’s edition welcomed 812 exhibitors from 34 countries and 22,649 visitors covering an exhibiting space of sqm 26,000; with exhibitor confirmations already in full swing, the 2013 edition is on track to achieve record figures. For more information visit www.saudibuild-expo.com.
www.bqdoha.com
Barwa, the real estate giant, an increasing focus on SMEs by the state and greater involvement by the private sector in its key economic diversification drive might further push up demand for affordable office space. As for the posh CBD area, which remains dominated by governmentrelated tenants, more supply is expected to come on the market. The demand, though, might not match higher supply, so occupancy might take time. And this could hammer the rentals a bit lower Tamween said in a recent report. What might further accelerate the demand for medium and lower-end office space is an expected government directive early next year asking certain categories of commercial users of residential villas to vacate. The users include, in the main, engineering, audit and legal consultancies as well as offices of small-time advertising and printing firms. Their deadline to vacate villa premises is being renewed annually for the past few years, so 2014 might eventually see them eased out and hunting for cheaper alternatives in commercial areas of the city. Most of these users have made it clear they would not be able to afford plush and expensive rented offices in the towers of the CBD, if forced out of residential villas.