Two of Dubai’s biggest real estate brokers are being brought on board a massive campaign to market the newly renamed Dubai South project.
CBRE and JLL said yesterday that they had signed an agreement to lease and sell office space at the business parks on the master planned city formerly known as Dubai World Central, which occupies 145 square kilometres.
Under the terms of the deal, the pair will start marketing 2 million square feet of office space spread across 11 buildings on the mixed-use project near the Dubai Expo site and the new Al Maktoum International Airport.
According to local brokers, rents for warehouses in the area range between Dh30 and Dh40 per sq ft.
The project is being built by Dubai’s government through the newly rebranded master developer Dubai South as part of the emirate’s plans to ramp up development ahead of Expo 2020.
It hopes that the extra marketing push will attract foreign investment to its business park free zone.
“The Business Park Free Zone forms an integral part of Dubai South, allowing companies based here to enjoy the distinct advantages of the 145 sq kilometre master planned city. including proximity to the Al Maktoum International Airport, the Jebel Ali Port and to the venue of the World Expo 2020,” said Paolo Serra, the vice president of the Business Park at Dubai South.
“Our alliance with JLL and CBRE will allow us to extend these unique offerings and turnkey solutions to businesses across the world. Ultimately, our aim is to act as a catalyst for the growth of these businesses, whether they are newly setting up base here or looking to expand their footprint in the region.”
Last month, Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Dubai Aviation City Corporation, announced Dubai World Central’s change of name following a decree from Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
Dubai World Central was launched in 2006 as the world’s first purpose-built “aerotropolis”, with Al Maktoum International Airport at its core.
When completed, the airport will have five runways and a capacity of 160 million passengers and 12 million tonnes of cargo a year.
The passenger terminal is expected to take over operations from the city’s main Dubai International Airport.
At the Cityscape Global property exhibition in Dubai earlier this month, Dubai South said it was planning to build a Dh25 billion middle-income residential project, which would be laid out as a cluster of villages.
The first village, which will encompass 6,000 homes such as apartments, villas and town houses, will be completed in 2019.
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