The development comprises a ground floor, 19 floors of office space, a leisure deck and a basement car park. The podium is designed to house retail outlets along with restaurants, cafes, health & leisure facilities and parking for additional cars. In total, the building provides parking spaces for 651 cars.
The development has 6 components: the tower, leisure deck, restaurant on the podium roof, retail and entrance lobby on the ground floor, and car parking facilities at both podium and basement level.
Two distinct components – the tower and the podium.
Lateral forces generated due to natural forces need to be deflected into the ground without effect to the overall structure. In such cases vertical and lateral stability is crucial and is taken into account by a number of factors.
The location of shear walls and the number of columns have been modified and lateral resistance caused by earthquakes and wind activity forces are provided by the central core and the number of shear walls.
Korea firm to build office tower
By Robert Ditcham, Staff Reporter
Dubai: The surge in new office block projects continued in Dubai yesterday with the unveiling of the Dh380 million Oval Tower in the Business Bay master development.
Launched by South Korean developer D'SECO, the freehold project will offer 19 floors of office space and additional facilities. Prices will start at Dh1,100 per square foot and rise depending on floor number and office type.
The main construction contract was awarded to Korean firm Pumyang Construction Co. Building work is scheduled to begin in June, ahead of a March 2009 delivery date. The launch follows a flood of new commercial projects in Dubai this month, all attempting to fill a huge gap in the emirate's office space supply.
"At the moment we are four million square feet behind," said Roy Saker, associate director at Colliers International's Dubai office, which is handling sales and marketing for the Oval Tower.
Saker estimated the average purchase price for office space in Dubai at Dh1,350 per square foot, putting it behind rival business hubs such as London, New York and Hong Kong.
However, rates are accelerating. According to Saker, average prices have jumped by around 15 per cent since the start of the year. In some cases, the jump has been even higher.
"We were selling office space in some buildings at around Dh1,100 [per square foot] in February. Now space can go for Dh1,500 plus," he said.
Designed by Atkins, the technology-based consultancy responsible for projects including the Burj Al Arab, The Oval Tower will include a gymnasium and a dining area, in additional to 230,000 square feet of sellable office space.
Project developer D'SECO is not new to the UAE market, having already completed 48 villas in Internet City. It has also undertaken industrial projects in Iran, Oman and Yemen.
"We have more than 10 years of regional experience in civil architecture and plant construction works - all this knowledge and experience has gone into the Oval Tower," said Jae Yul Yoon, chief vice president of D'SECO's Dubai operation.
Yoon said the project has been financed by major Korean banks, rather than relying on pre-launch sales.
Sung-Dol Kim, president and CEO at D'SECO's Seoul headquarters, said the company has numerous other UAE projects in the pipeline this year.
He said it will launch another commercial project, as well as a steel manufacturing factory in Abu Dhabi.
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