Dubai-based development firm, Tanmiyat Group announced the handover of its new office tower project at Business Bay in Dubai, Trade Arabia reported.
The tower, which is located in Business Bay across from the JW Marriott Marquis, includes offices and retail spaces that were completed to a high standard with top quality materials, Tanmiyat said in a statement.
Due to the increased leasable area, several landlords are benefiting from a 9% net on rental return, which is one of the highest in the commercial property market.
The Exchange Tower has been operational, marking a historic year for the Saudi-based real estate developer Tanmiyat Global, a company that has announced the handover of phase 1 of the Living Legends Community in Dubailand, including 184 villas and 144 apartments.
“This is an exciting time for Tanmiyat; 2016 is all about delivery and we are showing our commitment to our clients and partners with the completion of The Exchange Tower,” said CEO Mohammed Bin Odah.
“There is no doubt that the past several years have been tough for the construction industry in the region but we believe in this market and feel the only way is up from this point,” he added.
The demand has been partly attributed to the impact of Dubai Expo 2020, an event that attracted more companies to relocate to Dubai and new start-ups to enter the market.
“The Exchange Tower is in a close proximity to new landmark the Dubai Water Canal and is in a fast growing location near the new address of the Dubai Financial Market. The location offers steady and clear growth potentials to our clients and we are already witnessing high demand from secondary markets on the tower,” Bin Odah stated.
“We are expecting Business Bay to attract more anchor brands and large corporations in the future,” he continued.
The Living Legends Community, the Exchange Tower and the Court Tower on the Business Bay Canal are considered to be Tanmiyat’s top development projects.