SkyscraperCity banner
1 - 20 of 43 Posts

·
Kool Kat
Joined
·
12,521 Posts
Discussion Starter · #2 ·
International Investment Bank launches new real estate investment in Dubai

International Investment Bank (IIB), a globally focused investment bank based in Bahrain, today announced the launch of a new commercial real estate investment that offers investors attractive returns over a relatively short investment holding period.


The 30-storey West Bay Tower.

IIB has taken a 65% stake in the proposed state-of-the-art West Bay Tower, which will be developed in partnership with SNASCO, a GCC based real estate company, and will form part of the Business Bay District in Dubai, UAE.

The 30-storey West Bay Tower, which will be built at a total development cost of approximately US$87.84 million, offers investors the opportunity for an early realization of their investment, which could potentially be achieved through pre-sales of office units during the construction period of the Tower.

This is IIB's second investment in Dubai's Business Bay development, which is being planned by the Dubai Government as the new dynamic 'downtown' area of Dubai, the pre-eminent business hub in the UAE and the region. In November 2005, IIB acquired a 50% equity stake in a US$94.1 million high-end office tower, being developed in partnership with Dubai-based Al Masa Group. This investment was successfully placed with IIB's investors, and all of the office floors in that tower were pre-sold within three months from launching date of project.

'The commercial real estate sector in the UAE offers an attractive growth potential driven by the spectacular growth in other sectors,' said Mr. Aabed Al Zeera, Chief Executive Officer of IIB.


'Prime commercial office space in Dubai is currently at 107% occupancy levels, confirming that Dubai currently has a supply shortage of office space. Given this environment and IIB's selective approach towards real estate, we are confident about delivering a profitable exit for our investors in West Bay Tower.'

The projected Internal Rate of Return (IRR) on the West Bay Tower project is 21.6% per annum over an investment horizon of 36 months.

'IIB continues to explore and source high quality Shari'ah-compliant investment opportunities across diverse asset classes, industry sectors and territories with the aim of delivering real value for our clients. Investments in real estate in a variety of countries and sectors meet our clients' demands for a diversified investment strategy, which is primarily focused on acquiring tangible assets,' said IIB's Chief Operating Officer, Mr. Salah Nooruddin.

'IIB undertakes a thorough due diligence on each investment prior to taking a decision. We have put the project under various stress tests and benefited from the input of reputable external advisors to assess the viability of the project. Our direct involvement in real estate in the region and Europe helped us in benchmarking this project and making sure that we are offering an attractive product. Moreover, we are in final stages of putting together a team of prime consultants and contractors to make sure that the execution is done on schedule an to the expectation of our future buyers', further commented Mohamed Hadi Mejai, Director of Investment and Business Development.

IIB successfully arranged and placed seven investments since its inception in 2003. Last month, IIB announced plans, subject to regulatory and shareholder approvals, to increase its paid up capital later this year from the current US$43 million.

The Bank's 2005 net profit of US$7 million was a nine-fold increase over the previous year. Operating income also grew substantially, rising by 192% to US$12.4 million in 2005.
 

·
Registered
Joined
·
5,557 Posts

·
Kool Kat
Joined
·
12,521 Posts
Discussion Starter · #9 ·
Unique 'X' shaped West Bay Tower tailored to suit all business needs

Bahrain's International Investment Bank (IIB), and Saudi based real estate company, SNASCO, today announced its partners assisting in the development of the US$88 million 28 storey West Bay Tower in Dubai's Business Bay.


West Bay Tower.

In addition, the companies unveiled the corporate identity of the tower, one of Dubai's most distinctive buildings.

Due for completion in fourth quarter 2008, teams behind the development and building of West Bay Tower include owners IIB and SNASCO, as well as Canadian-based engineering and project management services company, Cansult Limited; Pan-Arab project management firm, Projacs International, and, one of the UAE's foremost real estate companies, Better Homes, who will be handling the commercial sales of the building's office spaces and leasing of the its retail outlets, Pan Arab. Additionally, Intermarkets, the largest independent advertising agency in the Middle East and 3rd Eye PR, a UAE Public Relations firm serving regional and multinational clients in the MENA region, have been brought on board to execute all aspects of communication for the project.

Commenting on the selected West Bay Tower project consultants and contractors, IIB Chairman, Mr. Saeed A. Jalil Al-Faheem, said, 'When we announced our investment in the West Bay Tower project in April, we had a number of options as to which companies we would bring in to see the building through to fruition. After a thorough selection process we are excited about the prospect of working with such innovative and professional companies, companies that will enable us to realize one of our goals of establishing a true state-of-the-art business and retail development.'

Expecting to Break Ground within the coming few months the 6000 sq. metre corner plot of the West Bay Tower will cantilever over a four storey podium giving the building its unique and impressive appearance. Its x-shape with a centralized core creates unique office layouts with maximum efficiency. Office space can also be easily divided in to smaller modules without losing easy accessibility. The blue structural glazing that encases the floor to ceiling glass façade ensures the building offers an abundance of natural light across all office space, and magnificent views of Business Bay and as far as the Arabian Gulf.

Totaling 75,702 sq. metres of floor space, West Bay Tower provides tenants with four basement floor and three podium floor ventilated parking; 21 floors of office space, with the top office units being surrounded by terraces. Additionally, the ground floor is accessible via a shaded public area also leading through to the main lobby and will feature a shopping arcade with space for a minimum of five retail outlets. Ensuring tenants can avail of their social and leisure time, the building will also feature a restaurant and café with outdoor seating on the podium level, and recreational area with a fully equipped gymnasium, sauna, rest area, change and locker facilities, outdoor swimming pool, plunge pool and whirlpool.

On the decision to locate in Business Bay, SNASCO Chairman, Sheikh Saleh N. Al-Sorayai, commented, 'Business Bay brings with it many beneficial advantages. Apart from ensuring effective infrastructural development from the master developer, Dubai Properties, Business Bay is becoming recognized as a new up and coming business district. Centrally located within Dubai's expanding city, there is ease of access to Dubai International airport and Jebel Ali Free Zone. "

'Furthermore, overlooking Sheikh Zayed Road, the West Bay Tower plot is adjacent to the main entrance to Business Bay providing access to what is Dubai's main artery with access to all major road links,' added Al-Sorayai.

Since announcing the West Bay Tower development earlier this year, the owners have already received substantial interest from local and international businesses looking to locate their offices in Business Bay. With state-of-the-art technology throughout the building, including CCTV with 24-hour monitoring; Wi-Fi; high-speed Internet connection; 24-hour security and 24-hour maintenance, water front views and meandering promenades through Business Bay's picturesque landscaping, tenants establishing themselves at West Bay Tower will do so in the knowledge that they have chosen a prime location with the best of facilities.

Coinciding with the launch of the building is it's unveiling of the corporate identity. The brand mark captures the essence and structure of the building graphically. Showing the top perspective of the building, it brings out the unique x-shaped layout of the building. The staggered lines in the logo are a reflection of the unpretentious urban sculpture of the tower's exterior. They bring an element of progression or upward-mobility to the feel of the logo.

Blue conveys importance and confidence. Long considered a corporate color, blue, especially darker blue, is associated with intelligence, stability and unity. Grey denotes neutrality and balance. It is a cool, conservative color that adds a touch of formality. The typeface, especially that of West Bay Tower, is styled to enhance the progressive but corporate feel to the logo.

Associating the West Bay Tower with Business Bay and the shape of the building, the 'x' is integrated in to the 'W' of the logo. The tagline itself is a synopsis of the essence of the building. Besides meaning 'point' or spot, the word 'mark' hints at the shape of the layout. The word 'excellence' plays on the 'x' shape of the layout and doubles up to qualify the standards of the building. In short, West Bay Tower is a strategically located business tower in the heart of the business district where you can make your mark in the corporate world.
 

·
Premium Member
Joined
·
38,003 Posts
SUPREME new design!!! :eek:
 

·
Registered
Joined
·
5,557 Posts
Krazy said:
Still doesnt seem to be 30 floors :dunno:
Youre probably right.... i counted only 23 levels..... odd!
 

·
Kool Kat
Joined
·
12,521 Posts
Discussion Starter · #15 ·
Gulf investors launch project in Business Bay

Dubai: A group of Gulf investors yesterday launched a Dh320 million project West Bay to be developed in the Business Bay.

Construction of the project, a joint venture between Bahrain's International Investment Bank and Saudi Arabia's Snasco, will commence this year. Completion is scheduled for 2008.

The 28-storey tower, with 75,702 square metres of floor space, will be offered on freehold sale, officials said.

"Investors can expect a 22 per cent return on investment per year for the first three years," Salah Noor Al Deen, IIB's chief operations officer, told reporters yesterday.

This is IIB's second major project in the Business Bay.

"There is a shortage of commercial space in Dubai and these projects will help to fill the demand," said Abed Al Zeera, IIB's chief executive officer.

Canadian-based project managers Cansult Ltd has designed the project, and Projacs International has been assigned to manage the construction.

Better Homes will handle the commercial sales of the building's office spaces and leasing of the its retail outlets.

Expecting to break ground within the coming few months, the 6,000 square metre corner plot of the West Bay Tower will cantilever over a four-storey podium giving the building an uncommon appearance. Its 'X' shape, with a centralised core, creates unique office layouts with maximum efficiency. Office space can be easily divided into smaller modules without losing easy accessibility.
 

·
Registered
Joined
·
430 Posts
"Unique 'X' shaped West Bay Tower tailored to suit all business needs"

I really dont understand how shape of the tower can meet bussiness requirments????
 

·
Ruff 'n' Ready
Joined
·
3,746 Posts
Cansult, Projacs are IIB’s X-men
CONSTRUCTION UAE
23 Jun 2006

Bahrain’s International Investment Bank (IIB) and Saudi-based real estate company SNASCO have appointed Canada’s Cansult as the consultant and Bahrain-based Projacs International as the project manager on the $88 million West Bay tower project in Business Bay. The 28-storey tower will have a built-up area of 75,702 square metres and will provide 21 floors of office space. The structure will cantilever over a four-storey podium giving the building an x-shape appearance. The project is scheduled for completion in the fourth quarter of 2008 (MEED 21:4:06).

R
 
1 - 20 of 43 Posts
Top