Time for its own thread


http://img.photobucket.com/albums/v730/Greg8000/binary3.jpg

http://img.photobucket.com/albums/v730/Greg8000/binary2.jpg

http://img.photobucket.com/albums/v730/Greg8000/binary.jpg

lol i think the previous thread u made for it was merged with "proposed projects for dubai"....

maybe its better to split it from there again

great building

a clear rip off of Abu Dhabi's ADIA HQ Tower

and this is what Dubai Lover said about ADIA's design

this is what we call taste :D

i can see these facades in germany any day
this design has been used in the 70s or so´
maybe that's why i don't like it, sorry


So I will kill him if he praises this one just coz it's in Dubai :rant: :bash:

http://www.hotelindubai.com/real-estate/the-binary/the_binary_view.jpg

http://www.hotelindubai.com/real-estate/the-binary/the_binary_waterways.jpg

Shape is similar, although the abu dhabi tower has a flat part, this one doesn't:

http://www.emporis.com/files/transfer/6/2005/02/336530.jpg


At least the details are different

it looks much better than the ADIA HQ.

and this is what Dubai Lover said about ADIA's design

....

So I will kill him if he praises this one just coz it's in Dubai :rant: :bash:



lol
i still stick to my comment, i don't like these kinds of towers

how do we know about this anyway?
what's the source for this tower?
i'd like to add it to emporis, but need sources

^^ Developer is Omniyat. Official release and presentation will be on June 8th on the Ballroom of Burj Al Arab.

There was a newspaper add a just yesterday.

an "evolution" (slight) of the ADIA HQ IMO BTW FWIW LOL

:D

9/10 very post modern and has a strong international feel

i have a feeling this is an omniyat project (one business bay & baywaters)... and is done by german architects (also renderers)...

we know that it is an omniyat project.

AltinD - the event on June 8th is NOT the launch. It is the last chance to buy office space in The Binary at Pre-launch prices - there was a purchase cancellation of 10 floors by a certain group, that have now become available.

The actual launch, i.e. the date when pre-launch prices will be raised by AED 150 per SqFt, is on June 12th.

Best part about Omniyat is that they do not charge a transfer fee like most other developers, so its attractive for short-term speculative investors.

If anyone is interested in buying something here, they'd better act fast. Feel free to contact me if you want to buy something here.

Omniyat Properties launches AED 550 million office tower in Dubai's Business Bay

Omniyat Properties, the real estate development arm of the three-billion-Dirham Almasa Holdings, today announced the official launch of its third project, an innovative AED 550 million freehold office tower in Dubai which introduces a new global concept in the design of office buildings.

http://media.ameinfo.com/images/binary.jpg
The Binary.

The company, which is currently considered one of the fastest growing property developer in the UAE, announced the launch of The Binary, a commercial office tower located within the boundaries of the Business Bay master development taking shape on an extension of Dubai's historic Creek, which stretches to Sheikh Zayed Road.

The Binary is the first to be based on Omniyat's new OYSTER concept of office design. OYSTER is an acronym for Offices Yielding Superior Targets Through Efficiency and Relaxation. Buildings based on this concept are self contained and produce excellent results, just like an oyster, which is self-contained within its shell and produces the pearl.

Dubai-based Omniyat, which combines its mother company's two core areas of activity to create the most technologically advanced properties in the Middle East region, has now launched three projects worth more than AED 1.4 billion since the first two projects were unveiled last February.

Speaking at a press conference to announce the launch of The Binary, which will be completed in the first quarter of 2009, Mehdi Amjad, President and CEO of Omniyat Properties, said that the company is currently working on the development of real estate projects worth AED 3.6 billion in Dubai alone.

'This will take the value of our projects in Dubai alone to AED 5 billion. Our goal is to be the most respected and admired property developer in the region and the first choice of customers in the region. We will achieve this through exciting projects such as The Binary,' Amjad explained.

He said the Binary, which consists of two conjoined 21 and 25-storey towers, is unique in that it introduces OYSTER, a new worldwide concept in the design of office towers, which was developed by Omniyat Properties' in-house team after thorough research of the working environment in Dubai in particular and how it could be improved.

'Our philosophy relies on using technology and futuristic ideas to improve people's lifestyle, whether at the office or at home. The latest example of this is the OYSTER concept. Just like the oyster nourishes and grows the pearl, this building nourishes its inhabitants and helps them to become more creative and more productive through its exciting new facilities which combine efficiency and relaxation,' Amjad added.

Ehab S. Shouly, Senior Vice President and Marketing Director of Omniyat Properties, said that when he and his team started developing the product concept for The Binary, they wanted to create an office tower which helped make its inhabitant more efficient, more creative and more productive.

'We didn't want to build just another office tower with a gym and a pool as facilities. We wanted to design an office tower which people wouldn't want to leave. We conducted research into the factors that contribute to reducing the efficiency of an employee and set out to overcome these factors,' he said.

The marketing research showed that employees' efficiency was reduced during the day because of the time wasted getting to and from the office when they leave the building to run errands or to go out for their lunch break or go to see the doctor or even pay their traffic fines and phone bills.

The Binary was designed as a self-contained building where the employee wouldn't have to leave it except to go home at the end of the day, and can get a lot of errands run during the day while they are at work. Omniyat also integrated a lot of recreational and relaxation facilities which allow employees to recharge their batteries.

The retail area of The Binary was designed taking into consideration the different outlets that may be required on a day-to-day basis by tenants of an office building. It contains a travel agency, a bank, a print-and-copy-shop, a book and stationery shop, a flower and chocolate shop, a pharmacy, a mini-mart, a bakeria, and a laundry counter.

The ground floor also contains a day-care centre where parents working in the building can leave their children all day and can check on them from time to time. To help the ladies working in the building to relax, a nail bar is also integrated in the ground floor. The Binary also has a car spa where cars can be washed, fixed or polished.

Omniyat Properties also introduces a Smoking Zone in The Binary. 'Research also found that a good percentage of office employees are smokers and as more and more companies are banning smoking in their offices, and public areas are becoming increasingly no-smoking. So we didn't want smokers to have to smoke outdoors,' Shouly said.

So that people working in the building do not waste time unnecessarily during their lunch breaks, there will be a wide choice of eating options in The Binary. 'There will be two restaurants, a Lebanese one and an international one. We also have space for two small coffee shops or one big one, as well as an ice cream shop,' he added.

The Binary also has a medical zone on the first level of the podium. The zone includes a dental clinic as well as two medical clinics. A pharmacy on the ground floor serves the Medical Zone. 'How many times have we all postponed our trip to the dentist due to lack of time. Now there are no more excuses,' Shouly said.

To save even more time for tenants of the building, an Etisalat telephone payment machine as well as a traffic fines payment machine will be installed in the lobby of the building. The lobby will also feature a shoe polishing station as well as Omniyat's Robo-Bar, a robot which prepares and serves cold and hot drinks.

Shouly pointed out that to increase the efficiency of the people working in the building, Omniyat's OYSTER concept ensures that they are always refreshed and relaxed. Therefore a Tranquility Zone was introduced to the building where employees can re-charge their batteries by indulging in one of the features of the zone.

The Tranquility Zones includes the first Beach Deck in the Middle East, an artificial beach with real sand, real water and waves and real 'beach sounds' -- courtesy of a simulator -- on the roof of the shorter 21-storey tower. The beach deck features sun-loungers where employees can go for creative inspiration or just to relax.

The Tranquility Zone also includes a room full of Nap-Shells, a closed bed where people can take a 15-minute power nap anytime during the day.

'Research has shown that a 15 minute power nap during the day can increase an employee's efficiency by more than 15% during that day,' Shouly noted.

The Tranquility Zone also features Aqua Massage machines, where staff can get a water-jet massage without having to take off their clothes and without getting wet. There is also an oxygen bar, a juice bar, a corner library and an internet café. For those who prefer to exercise, there is a gymnasium with shower and changing facilities.

Across from the Tranquility Zone is the Executive Club, which is a members-only club for the senior executives of the companies operating in The Binary. The Executive Club has its own lounge area, restaurant and even an outdoor seating area that faces the beach deck. 'We felt that blue-chip companies would appreciate an Executive Club,' he said.

Shouly expressed confidence that companies which purchase or rent office space in The Binary will benefit from an at least 15% increase in their staff's efficiency, productivity and creativity thanks to the many features of the building. 'We believe this concept will catch on and be adopted worldwide,' he said.

Tarek Kandil, Deputy Director of Sales at Omniyat Properties, noted that The Binary includes more than 420,000 square feet of office and retail space available for sale on a freehold basis at the entrance of the Business Bay district, on Sheikh Zayed Road between the first and second interchanges.

He said the company has already sold more than 60% of The Binary in the pre-launch stage to investors who have bought full floors and half floors with the aim of reselling them or keeping them as a long-term investment and renting them out. 'Our first two projects have been sold out, and The Binary will be very soon,' Kandil said.

i like the design of this tower.....it has some quality to it

great

added to emporis

Omniyat codes Binary tower
CONSTRUCTION UAE
23 Jun 2006

Omniyat Properties, the real estate subsidiary of Almasa Holdings, plans to build a third tower project at Business Bay. Known as Binary tower, the AED 550 million ($150 million) project will feature two towers 21 and 25 storeys high.

Designed as a self-contained building, the Binary will include a podium retail area, a day-care centre, two restaurants, a medical centre, a gym, a pool and an artificial beach with sand, water and artificial waves on the roof of the 21-storey tower.

Construction contracts are to be split into packages. An award on the first package, the enabling works, is expected in September.

A similar strategy was adopted for the execution of Omniyat’s One Business Bay project. The local Dubarch is the consultant. The local Hamilton is the project manager (MEED 21:4:06).

R

Saturday, 24 June 2006
Hamilton is named as PM on Omniyat Binary Tower

by Angela Giuffrida


Hamilton has won the contract to project manage Omniyat Properties’ new US $149 million (AED550 million) office tower in Dubai’s Business Bay, while Durech has been appointed as consultant.

Eight contractors, including Dutco Balfour Beatty Group, have been short-listed to undertake the foundation work for The Binary Tower, a development of two conjoined 21- and 25-storey towers, and an artificial beach deck.

“The first contract for the foundation and shoring work will be awarded over the next two months and construction will begin in September,” said Mehdi Amjad, president and CEO, Omniyat Properties.

“We try to focus on a carefully selected list of contractors with a great reputation — either local or international.”

The Binary is Omniyat Properties’ third tower project in Dubai. Spread over 39,019m2, it will contain office and retail space along with restaurants, a day care centre, banks, a medical centre and the Middle East’s first artificial beach deck on the roof of the 21-storey tower. It is due for completion in the first quarter of 2009.

“This will take the value of our projects in Dubai to $1.36 billion. Our goal is to be the most respected and admired property developer in the region and the first choice of customers in the region. We will achieve this through exciting projects such as The Binary,” added Amjad.

The company’s two other office towers in Business Bay —One Business Bay and Bayswater — are currently under construction by Dutco Balfour Beatty. Both projects, worth a total of $232 million, were unveiled in February.

One Business Bay is a 30-storey tower with a design that resembles a diamond coming out of the ground, while Bayswater is a mid-market development targeted at medium-sized companies.

Omniyat Properties, which was formed as a result of Almasa spinning off a five-year-old real estate investment division, was launched last December with an initial issued capital of $40 million, and an authorised capital of $81 million.

R

Omniyat codes Binary tower
CONSTRUCTION UAE
23 Jun 2006

Omniyat Properties, the real estate subsidiary of Almasa Holdings, plans to build a third tower project at Business Bay. Known as Binary tower, the AED 550 million ($150 million) project will feature two towers 21 and 25 storeys high.

Designed as a self-contained building, the Binary will include a podium retail area, a day-care centre, two restaurants, a medical centre, a gym, a pool and an artificial beach with sand, water and artificial waves on the roof of the 21-storey tower.

Construction contracts are to be split into packages. An award on the first package, the enabling works, is expected in September.

A similar strategy was adopted for the execution of Omniyat’s One Business Bay project. The local Dubarch is the consultant. The local Hamilton is the project manager (MEED 21:4:06).

R

Sounds good :cheers:. It's starting soon too, excellent.

yeah that sounds awesome.

omniyat has no doubt the best features on its towers.

incredible website

http://www.thebinary.ae

^^ Yeah good website, Same template as one bussiness bay and bay water but still a good and well thought out design.

I'm loving the devloper of these towers, just hope they don't become a DAMAC nice website shame about the delivery.

If Omniyat will be able to keep up with their promises, they will undoubtlessly become one of the best developers in Dubai.

Omniyat Properties is indeed a forward looking developer focused on modern state of the art buildings. The Binary is yet another masterpiece.

Fortunately, there are a few premier office units still available for sale. Anybody interested may contact me for speedy info and assistance.

Regards,
mink

Omniyat Properties is indeed a forward looking developer focused on modern state of the art buildings. The Binary is yet another masterpiece.

Lets hope they deliver what they promise and don't just turn out to be another damac

The Architect for this tower is not German, only the rendering is German, design has been been purely done by a local Architectural firm named 'DUBARCH' same with the BAYSWATER for Omniyat

damn !!!! seems like every single day a new tower pops up. it is really hard to keep track of all these towers. i used to hate dubai, but slowly i am attracted to it. just cant resist its pull.

Omniyat breaks ground on its Dh550mn flagship commercial tower ‘The Binary’
[Wednesday, February 28, 2007 11:54:00 am]


http://business.maktoob.com/news/20070228025320%5CThe-Binary-GB1.JPG

Omniyat Properties has broken ground on its flagship AED 550 million commercial tower ‘The Binary’ in Dubai’s prestigious Business Bay district. Phase one of the construction work begins within a few months of launch, signifying the developer’s commitment to completing the project on time by the first quarter of 2009.

Omniyat Properties also announced the appointment of the UAE-based AL Habtoor STFA Soil Group as the contractor for the enablement work which is scheduled for completion by the third quarter of 2007.

Ground was broken by Mehdi Amjad, President and CEO, Omniyat Properties, Mohammed Bin Brik, CEO, Dubai Properties and Ercan Karadede, Managing Director, Al Habtoor STFA during a ceremony held on the site of The Binary. The ceremony was also attended by some of the partners involved in the development of the freehold commercial tower.

“This is a significant development for us, especially that the company has recently completed enablement works on two of its commercial towers in the Business Bay district, namely the Bayswater and One Business Bay with ‘The Square’, an integrated real estate development with residential, commercial and retail components, in Dubai in the early stages of the enablement work. Which means we currently have four out of five projects launched to date in the construction phase,” said Mehdi Amjad, President and CEO, Omniyat Properties.
Mohammed Bin Brik, CEO, Dubai Properties said “we are very proud of the work that Omniyat Properties is doing, I am very sure that they will have a prominent presence in the Business Bay development. Corporation between us has always been of the highest level and I have no doubt that it will continue to be so in the future,”

Ercan Karadede, Managing Director, Al Habtoor STFA Soil Group said that they are very excited to be part of such an innovative and unique project and proud to be affiliated with a forward thinking developer such as Omniyat. Ercan went on to say that Omniyat Properties were developing some of the regions most technologically advanced and exciting properties that any contractor will be pleased to be part of.

The Binary was launched by Omniyat in July of 2006 with more than 85% of the project sold between the pre-launch and the public launch, “That’s why we are unwavering in our commitment to our investors who expect prompt delivery of their property in accord with the highest quality standards,” Mehdi added.

The Binary will comprise of dual 21 and 25-storey freehold commercial towers fused at the center that will rise on plot number 50 in Dubai’s Business Bay District. The towers will offer office space ranging from 980 to 1,935 square feet (91 to 180 square meters). The top two levels of each tower will have duplex offices with waterfront views. The AED 550 million (US$ 150 million) project will be elevated over a 4 level podium, which will contain a medical center, commercial and retail shops.

“This building is unique in that it is the first of our towers to incorporate the ‘OYSTER’ concept for office design which was developed by Omniyat Properties’ in-house team after thorough research of the working environment in Dubai and in particular on how it could be improved. OYSTER is an acronym for Offices Yielding Superior Targets through Efficiency and Relaxation. Buildings based on this concept are self contained and produce excellent results,” explained Mehdi.
As with every Omniyat Properties’ developments The Binary will be infused with state-of-the-Art technology; technology that optimizes manpower and minimizes wastage. Voice over internet telephony, radio frequency identification and biometric access, intelligent lighting and energy management systems to name a few that will allow for an efficient, secure and high tech working environment.

Omniyat Properties is developing some of the region’s most technologically advanced structures. Its growing real estate portfolio now boasts five, state-of-the-art developments – four of which are in Business Bay – with a combined value of over AED 2.7 billion (US$ 738 million). Building on its momentum this figure is set to rise to AED 10 billion (US$ 2.75 billion) by the end of 2007, making the company a formidable player in one of the most exciting property hotspots in the world.

^^ great news, someone change it to U/C

02.03.2007

http://img81.imageshack.us/img81/2351/photo069ik9.jpg (http://imageshack.us)

http://img405.imageshack.us/img405/7656/photo070mt4.th.jpg (http://img405.imageshack.us/my.php?image=photo070mt4.jpg)http://img252.imageshack.us/img252/8527/photo071pm3.th.jpg (http://img252.imageshack.us/my.php?image=photo071pm3.jpg)http://img114.imageshack.us/img114/4392/photo072mo3.th.jpg (http://img114.imageshack.us/my.php?image=photo072mo3.jpg)http://img81.imageshack.us/img81/6406/photo073dm6.th.jpg (http://img81.imageshack.us/my.php?image=photo073dm6.jpg)

someone change it to U/C

http://i14.************/2ikdq4k.jpg

this is UNDER CONSTRUCTION!

wow

Dutco scores $81mn Dubai tower contract
by Rupert Cornford on Wednesday, 15 August 2007

The Binary will contain office and retail space, along with restaurants, a day-care centre, banks, a medical centre and the Middle East's first artificial beach deck on the roof.Dutco Balfour Beatty has won the $81 million contract to build The Binary at Business Bay for developer Omniyat Properties.

Work on the package, which has been procured through direct negotiation between the client and contractor, will begin in October and is scheduled for completion in May 2009.

It will include the construction of three basements, 26 floors, and a four-storey podium.

Story continues below ↓
advertisement



"Dutco Balfour Beatty is very pleased to have had the opportunity to negotiate this contract with Omniyat Properties. We look forward to working with Omniyat and its consultant team to successfully deliver this project," said Martin Harper, commercial manager of Dutco Balfour Beatty.

The Binary is Omniyat Properties' third tower project in Dubai. Spread over 39,000 square metres it will contain office and retail space, along with restaurants, a day-care centre, banks, a medical centre and the Middle East's first artificial beach deck on the roof.

Hamilton is the project manager, while Durech is the consultant.

According to Grahame McCaig, general manager of Dutco Balfour Beatty, direct source negotiation is a growing trend among local developers, as they look to secure delivery of their projects.

"A lot of these alternative methods of procurement are being driven by clients having to secure a resource," he said. "All these things are as a result of supply and demand in the market."

Dutco Balfour Beatty is currently working on a number of high-profile projects in Dubai, including Interchange 5.5 for the Roads and Transport Authority (RTA), the Sheikh Hamdan Awards Buildings for Dubai Municipality and the Dubai Mall for Emaar Properties.

R

Dubai guys, were did you found this news ad, because the consultant has been quoted wrongly it should be '' DUBARCH'' and not " Durech"

: :omg: :omg: i think no city in this world have basement of high in everything from A-Z like dubaaaaaaaaaaaaaai
land of richerrrrrrrrrrrrrrrrrrrrrrr arab ;) money talkin alot this time :lol: :lol:

DUBAI coming in strong steps toward number 1 city in this world believe that

06/September/2007

The Binary plot and Executive Towers

http://img517.imageshack.us/img517/6223/imresolt01vp9.jpg (http://imageshack.us)

piling done

20/Sept/2007

The Binary

http://img520.imageshack.us/img520/8536/imresolt065uq6.jpg (http://imageshack.us)

http://img146.imageshack.us/img146/8760/imresolt060ew4.jpg (http://imageshack.us)

Dutco Balfour wins Dh550m Omniyat deal



Dubai: UAE real estate developer Omniyat Properties has appointed Dutco Balfour Beatty Group to carry out the main construction of its Dh550 million The Binary freehold commercial project in Business Bay.

The enabling works, which started in March, are nearing completion, while around five per cent of the overall development is completed, Omniyat says.

Features

The Binary is made up of dual 21- and 25-storey freehold commercial towers linked at the centre. The project is being built on plot No 50 at Dubai's Business Bay master development.

Office space will range from 600 to 1,935 square feet (55 to 180 square metres). The project will be elevated over a four level podium, which will contain commercial and retail shops.

"Our philosophy relies on developing the most distinct and innovative properties in the region. We wanted to develop an office tower which helped make its inhabitant more efficient, more creative and more productive," Mehdi Amjad, president and CEO of Omniyat Properties, said in a statement.

Since its launch, Omniyat Properties, the real estate development arm of UAE-based Omniyat Holdings, has launched two residential and five commercial projects valued at more than Dh4.9 billion.

The company says this figure will climb to Dh10 billion by the end of this year.

U/C

08/November/2007

The Binary (Business Bay)

http://img204.imageshack.us/img204/9901/imresolt32ae1.jpg (http://imageshack.us)

22/November/2007

The Binary and Executive Towers

http://img515.imageshack.us/img515/1374/imresolt37zh8.jpg (http://imageshack.us)

you must have taken your life in your hands to get that last photo Imre :lol:

stopping on that single track with lorries trying to get past, you'll end up in the creek !

haha,

did you see me yesterday?

I blocked the traffic there because of this pic:)

hahahayi

haha,

did you see me yesterday?

I blocked the traffic there because of this pic:)

:lol:

didn't see you, just know the site and that they wouldn't let you in and that could only have been taken from that "road"

the road at the other side should be complete in Jan, make your life easier !

06/December/2007

The Binary

http://img227.imageshack.us/img227/2663/imresolt134ua6.jpg (http://imageshack.us)

this is U/C now

20/December/2007

The Binary

http://img240.imageshack.us/img240/4742/imresolt166ce3.jpg (http://imageshack.us)

http://img443.imageshack.us/img443/7091/imresolt168go4.jpg (http://imageshack.us)

good progress !

03/January/2008

The Binary

http://img444.imageshack.us/img444/6415/imresolt025mo0.jpg (http://imageshack.us)

This is one is slow compare to the other omniyat projects

Actually this is bigger than the rest of the projects of Omniyat. Land Area is big and it has 3 basements.

31/January/2008

The Binary

http://img46.imageshack.us/img46/5255/imresolt73cf0.jpg (http://imageshack.us)

http://img46.imageshack.us/img46/4497/imresolt74uj1.jpg (http://imageshack.us)

bizzy site ..whata progress well done imre ..

http://www.worldarchitecturenews.com/news_images/2001_1_Binary1.jpg

http://www.worldarchitecturenews.com/news_images/2001_2_Binary2.jpg

http://www.worldarchitecturenews.com/news_images/2001_3_Binary3.jpg

is the first pic from sim city or something? :P

construction update

http://213.42.18.110/index.php?id=284

http://img176.imageshack.us/img176/7783/april08001pr6.jpg

Anyone know how much these are going for at the moment?

EDIT: seems to be round 2200psf from gnads4u.

EDIT 2: Spoke to Omniyat and they still actually have some unsold offie space for 2600AED psf. So buying resale appears to be cheaper...how is that possible?

Anyone know how much these are going for at the moment?

EDIT: seems to be round 2200psf from gnads4u.

EDIT 2: Spoke to Omniyat and they still actually have some unsold offie space for 2600AED psf. So buying resale appears to be cheaper...how is that possible?

I am going through gulf news right now and I am thinking exactly the same thing. Pre-launches nowdays in BB supposedly start at 2500+ yet you can find them on the resale for 2000

Maybe a wise member can jump in here with an explanation

yeah but at preluanch you'll pay 5% to 10% oof orginal value, in resale you almost have to pay 20% to 30% + Premium, and if you want to buy, buy in Bayswater or One BB cuz its close to completion.

I spoke to Omniyat today - they are quoting Q3 2009 completion for both towers. They estimated that the average rent should be around 400AED psf minimum when they are done, which sounds very appealing.

However what would the maintenance fees be like in these towers (or any other commercial towers) in Business Bay? Could we be looking at as much as 75AED psf?

^^AED 75, where did you get that? Burj Al Arab?

Its was just a wild guess :) Just thinking that if rents are as high as 400AED psf for commercial space then maintenance charges would surely be fairly high too - I mean they cant be as cheap as the maintenance fees for residential spaces in Business Bay (which I would guess to be around 25-30AED psf - again this is just a pure guess on my part ;) )

I really do hope its lower!

its AED 10 to 15.

If thats the case then commercial property definitely seems like a far better investment than residential as it offers much higher rental returns for the same (or marginally higher) maintenance fees, unless I'm missing something else?!

^^ Problem is that the amount of commercial property in BB is astounding. I think it could prove difficult to rent especially at the indicative prices when most of it is ready.

I was watching a report today on bloomberg where the CEO of Daman investments was being interviewed and the overall consensus was that bluchip western companies are still hesitant to list on DIFX and to establish base in Dubai because of non clarity of rules/regulations.

It is all well that floors are sold to speculators in the current climate but I reserve judgement on whether there will be enough end users to occupy these spaces. It is still a great market for flippers/speculators though

Calculate with 200-250AED rent! This you will definitely get... Based on this calculation I would pay maximum 3500!

^^ Problem is that the amount of commercial property in BB is astounding. I think it could prove difficult to rent especially at the indicative prices when most of it is ready.

I was watching a report today on bloomberg where the CEO of Daman investments was being interviewed and the overall consensus was that bluchip western companies are still hesitant to list on DIFX and to establish base in Dubai because of non clarity of rules/regulations.

It is all well that floors are sold to speculators in the current climate but I reserve judgement on whether there will be enough end users to occupy these spaces. It is still a great market for flippers/speculators though

Yep for sure there are so many buildings being constructed there and I was also wondering how the heck they would manage to fill up all that space once its all completed. I think there will be a high demand for the most prominent, iconic buildings (like Burj Al Alam, Dancing Towers etc) and those close to the metro station (One Business Bay etc), but it also depends alot on rental rates as DayFox mentioned.

Calculate with 200-250AED rent! This you will definitely get... Based on this calculation I would pay maximum 3500!

Agreed - I think 250AED rent is a safe estimate and I've tried to base my calculations on this rates and it still seems very positive, especially considering that you can get resale property for around 2500AED psf in the 'good' buildings ;)

I too agree that 250 psf is a resonable rent for BB commercial but be ready for lengthy vacant periods.

I have bought office spaces in JLT but note that there were big banners on Saba tower an year after completion advertsing space (Imre can confirm this) - and Saba is supposed to be one of the early office towers to be completed anywhere in new dubai

Although having said that BB is more strategic in terms of location and the first office tower in BB (from executive towers) is in unprecedented demand according to agents (for resales as far as i know)

^^A lot of towers leave the advertising banners up even after they have let all the space.

Supposedly current office space in Dubai has a 99% occupation rate. I've spoken to many leasing companies (Asteco, Arenco etc.) who don't expect the current rate on SZR of AED350-375 sq ft to come down much in the next 5 years. The first stage of BB is also expected to lease for around the same rate. Burj Square (less than 1km away) is currently leasing for AED450 sq ft.

Time will tell.....

Thanks for that info - very interesting indeed. The impression I got from reading the property digests on the Gowealthy website was that office space was being snapped up everywhere in Dubai at the moment, but that seems not to be the case. (I guess being an estate agent they have a vested interest in 'hyping up' the market ;) )

I'm having a very tough time making a decision as I have just enough capital to be able to afford either one commercial property in BB or two residential properties in JLT. Just cant make up my mind as to which would be the better long term investment....aargh!!! What do you guys think?

^^ I would say target something that is up for completion soon ie within a year to year and half. In that way you will be in a position where the oversupply in office space hasnt arrived - then do a deal whereby you tie in the lessee for a 3 year period - you wont be able to go much wrong in that.

Also in terms of psf:rent JLT is quite good. You can pick up offices to be completed in 6m-1y for around 1500 psf that are currently renting in the region of 200 - 250 psf. Long term BB could be a better proposition but then you are looking at prices of around 2500 psf and completion of over 2 years from now

http://www.worldarchitecturenews.com/news_images/2001_1_Binary1.jpg

http://www.worldarchitecturenews.com/news_images/2001_2_Binary2.jpg

http://www.worldarchitecturenews.com/news_images/2001_3_Binary3.jpg

Hey Chad,

Were did you got this images....

^^ I would say target something that is up for completion soon ie within a year to year and half. In that way you will be in a position where the oversupply in office space hasnt arrived - then do a deal whereby you tie in the lessee for a 3 year period - you wont be able to go much wrong in that.

Also in terms of psf:rent JLT is quite good. You can pick up offices to be completed in 6m-1y for around 1500 psf that are currently renting in the region of 200 - 250 psf. Long term BB could be a better proposition but then you are looking at prices of around 2500 psf and completion of over 2 years from now

This position I have read now many times... BUT ok, let's assume i am able to tie a tenant for 3 years and what is after those years? I will not find someone? I have to rent for 200AED because there is so much supply?
Live goes on my friend :)

Cheers for the advice fellas. I think long-term Business Bay will be the best for commercial space as its actively being marketed as the 'business hub of the UAE' so I feel that most companies will eventually move there, making other areas possibly less appealing in the future? However, as you rightly say, we are a long way off from completion so it could take a good few years to get to that stage, although I'm not in a rush (am in this for the long term).

Ferrari430 - has your office space in JLT been completed? If so have you found a tenant yet?

Premium locations should always find a tenant, even if you do have to reduce the rent a little.

Cheers for the advice fellas. I think long-term Business Bay will be the best for commercial space as its actively being marketed as the 'business hub of the UAE' so I feel that most companies will eventually move there, making other areas possibly less appealing in the future? However, as you rightly say, we are a long way off from completion so it could take a good few years to get to that stage, although I'm not in a rush (am in this for the long term).

Ferrari430 - has your office space in JLT been completed? If so have you found a tenant yet?

No not yet - completing end of the year but prices have gone up 60% since i bought just over a year ago:)

Congrats man - thats awesome. If I get a similar return in a years time I'll quit my day job :happy:

It's been a long time since last update

http://img255.imageshack.us/img255/4638/img0597ye2.jpg

http://img385.imageshack.us/img385/4195/img0598oh2.jpg

http://img385.imageshack.us/img385/6613/img0597bx0.jpg

This is taking forever to get out of the ground!
I thought that once the foundation was poured it would be much quicker

what's happin with youngest chairman :( oniyat omniyat come one ! show us who construction will be !

C/U By CHRIS 24/ Aug


lake view from The Binary

http://i33.************/2w3yfs5.jpg

http://i36.************/seyc7r.jpg

http://i35.************/w1qp75.jpg


Please change title to UNDER C ... :cheers:

http://i38.************/2i6l45t.jpg
http://i35.************/2mhzj21.jpg

Coming along nicely. This one should look great on completion.

One thing about Omniyat is that they employ some very good designers! Other example is The Opus....the void concept of Zaha Hadid is sure to go down well in history!

http://i35.************/4t6pef.jpg

damn this1 is so behind the schedule.

You should be happy that it's atleast under construction.

:)) I am happy

http://i35.************/166c5fk.jpg

http://i43.************/2vt762p.jpg

almost zero progress since 10th Dec 2008 but few workers still there.

^^ exactly , what i was coming for :)

http://i42.************/9labgw.jpg

This is onhold,

http://i41.************/k96zy9.jpg

http://i44.************/1z6qv02.jpg
http://i44.************/t5kc3t.jpg

http://i39.************/vdnv3l.jpg

http://i30.************/2zdnkfk.jpg
http://i30.************/2cnb4ft.jpg

Tower Crane has gone. On hold for a long time I feel.

Well done OMNIYAT !!!! So the construction status for THE PAD & THE BINARY now equal.......ON HOLD !! Both the projects suppose to be handed over by 2010 ( revised schedule ) !?!?

all Omniyat projects ON HOLD now, as I saw in the Business Bay today.

http://i33.************/s63xh0.jpg
http://i37.************/28iyps8.jpg
http://i36.************/nxsuox.jpg

what's happin with youngest chairman :( oniyat omniyat come one ! show us who construction will be !

Hello Chairman !!! is THE BINARY has facing the same fate like THE PAD...... hope this is not ON HOLD for the SAME EXCUSE..........master developer...bla bla bla..........:bash::bash::bash:

any update?

Nothing happening there ,the site empty.

Something needs to be done by RERA....... for the people who invested all there money in this country, in Projects which are on hold or stopped since a long time without any official involvement...............:puke:

I live overseas, tried to talk with these OMNIYAT persons......

Mr.Mehdi Amjad, Omniyat chairman...... ( out of country )

Cornelia Montgomery, Customer Relations Director........ ( on holiday )

Elina Gerard, Customer Relations Executive......... ( out of office )



You always get couple of Filipino receptionist to talk with. they always assure you to get back to this issue. They'll ask the concern person to call or email you. which you will NEVER receive.


I wonder NO Omniyat investor live in Dubai ???????? No one care to visit their office ???????

Please / Please / Please.......... KNOCK their door before it CLOSED.

Guys !

Please check the below link and help to put our FRUSTRATION as much as you can.................:cheers:


http://www.emirates247.com/property/real-estate/frustrated-property-investors-using-blogs-to-vent-their-anger-2010-07-28-1.271874#add-comment

http://www.emirates247.com/property/real-estate/challenge-force-majeure-in-civil-courts-experts-2010-08-09-1.276716


Property buyers will have to file a civil case to seek judicial remedy, unlike the earlier system of approaching property courts, if a developer invokes the "force majeure" clause and refrains from paying compensation.......:cheers:

"The corner" project adjacent to this project is in full swing.
DEWA can provide full services to this plot, so anything else is a just an excuse.

"The corner" project adjacent to this project is in full swing.
DEWA can provide full services to this plot, so anything else is a just an excuse.



OMNIYAT is going above all excuses.......... untouchable !?!?

Authorities are busy to impose 5% "HOUSING FEE" over RERA RENTAL INDEX, no matter it's vacant or rented !

Why not they taking any action against this sort of developers who cheated thousands of Home Buyers by giving lame excuses...........:ohno:

Oh ! by the way...........if you are a OMNIYAT buyer, then NO need to pay housing Fee, just enjoy tax holiday ( 5+ years )......he he he he !

Date of registration of the developer:
Violation to law as it should first the developer registers it self as developer. Then register the project with ReRa, then obtain approval to sell units..

Date of opening Escrow account: Violation the laws

Developer is Binary Development Limited in Rera however the one who sell the units is The Binary @ business Bay Violation to Laws

http://i1184.photobucket.com/albums/z331/ianpowell76/14%20Oct%202011/IMG_8705.jpg
http://i1184.photobucket.com/albums/z331/ianpowell76/14%20Oct%202011/IMG_8707.jpg

back to under construction!

Yes seems that way, Please change to Under Con, Thanks :)

http://www.rpdubai.com/rpdubai/SharedFolder/ProgressIndicator/1174_371.jpg

A crane has appeared,, but no workers

As the rera (screampoint) document reads, in process of commencing works...

On Hold..

By the way , Screampoint is out, now its Realpoint, maybe next year it will Hopeyougetthepoint L.L.C. :lol:

email received from Omniyat : BINARY DEVELOPMENT LIMITED


THE BINARY - PROJECT UPDATE


We have pleasure in writing to you with an update with regard to The Binary project.



We are pleased to advise that Gulf Technical Contracting Co LLC (GTCC) have been appointed as the new contractor on The Binary replacing the previous contractor, Dutco Belfour Beatty. GTCC is a subsidiary of publicly listed contractor Drake & Skull PJSC and therefore brings with it a wealth of contracting skill and knowledge.



GTCC have recently mobilized to site, to continue the construction activities. We attach for your information the latest RERA audit confirming the project status. We will continue to update you with respect to progress via an email newsletter issued on a quarterly basis.



We are also continuing to liaise with the master developer in order to gain certainty with respect to their anticipated timeframes for the delivery of the infrastructure in Business Bay and will include any such information within the future newsletters.



We look forward to providing you with regular progress updates as 2012 progresses. Please do not hesitate to contact our client relations team on +971 (0)4 5115000 (email: customerrelations@omniyat.com), who will be pleased to assist you with any queries that you may have.

good that its back on, hope it stays that way

Drake & Scull in US$55m Dubai Business Bay tower

By Shane McGinley Sunday, 6 May 2012 1:19 PM

Drake & Scull Construction the Civil (DSC), a subsidiary of UAE contractor Drake & Scull International (DSI) has signed a deal worth nearly US$55m to be the main contractor for a tower in Dubai’s Business Bay, it was announced on Sunday.

Developed by Omniyat, the Binary is a 25-story commercial tower on the waterfront in Dubai’s Business Bay area and the contract is valued at AED200m (US$54.44m).

“We have already mobilized on site and commenced work with an estimated completion date in early 2014,” said Saleh Muradweij, managing director of Drake and Scull Construction.
The Dubai-based firm said it won contracts valued at AED1.3bn (US$354m) in the Middle East and North Africa region during the first quarter of 2012.


The company said in April it expects its Qatari unit to “increasingly contribute to the growth of the company especially with the recent establishment of its rail and civil divisions which will complement its existing mechanical, electrical, plumbing and water power operations.”

Some of the other major deals Drake & Scull has won during the first quarter of 2012 include a US$38m contract to provide mechanical, electrical and plumbing (MEP) works for the Rocco Forte Hotel in Jeddah and a US$230m unspecified contract in Algeria.

The company has also sharpened its focus outside of MENA, in the same quarter winning a US$27m deal to provide an intake water system for a thermal power station in Orissa, India.

http://www.arabianbusiness.com/drake-scull-in-us-55m-dubai-business-bay-tower-456684.html

R

as per THE BINARY Investor Newsletter Q1 - 2012

Gulf Technical Construction Company ( GTCC ) has been engaged as Main Contractor at the BINARY......

The Binary is owned by BINARY DEVELOPMENT LTD.....


Is this still "ON HOLD" or any real movement at site ? ..... :shifty:

Property investors in Dubai can seek refund and damages
Draft Investor Protection Law released for feedback from public.

Published Thursday, June 21, 2012


http://www.emirates247.com/property/property-investors-in-dubai-can-seek-refund-and-damages-2012-06-21-1.463886

Ok the Law but if developer is in bankrupt WHO give me $ , the sheik ?

Ok the Law but if developer is in bankrupt WHO give me $ , the sheik ?



OMNIYAT already bankrupt or not ?... :tongue3:

or going to be ..... :soon:

http://www.emirates247.com/news/dubai-s-business-bay-is-fast-running-out-of-inventory-2012-10-09-1.478390


Does OMNIYAT need more EXCUSES to blame over master developer for delaying BB projects for more than half a DECADE ?.... :wtf:

anyone received such email from Omniyat...........


May we take this opportunity to notify you that we have obtained RERA’s initial approval to amend the name of the project. Accordingly, we now wish to notify you that the name of the project has been amended from “The Binary” to “The Binary by Omniyat”. RERA‘s records shall reflect such change shortly.

This notice is just for your records. There is nothing that you need to do and your rights under your Sales and Purchase agreement are fully protected.

Kind Regards,

Binary Development Limited

http://imageshack.us/photo/my-images/715/binary1.jpg/

http://imageshack.us/photo/my-images/594/binary2.jpg/

http://imageshack.us/photo/my-images/705/binary3.jpg/


"The Binary" by Omniyat @ Business Bay as at 02-02-2013..... just a few workers at site......