Omniyat unveils $327m Octavian project
Dubai, March 3, 2008
Omniyat Properties has announced the launch of its eighth project in Dubai, a majestic 19-storey modern office twin-tower located in Business Bay, the city’s prestigious downtown business hub.
The Dh1.2 billion ($327 million) Octavian is Omniyat’s first project to be launched in 2008, and is one of eight developments that will quadruple the value of Omniyat’s Dubai property portfolio to Dh21 billion ($6 billion) in 2008.
This follows an excellent year in 2007 with the company’s sales doubling and its profits tripling on the previous year’s results.
Another ‘intelligent’ development boasting Omniyat Properties’ signature futuristic technologies, the Octavian is named after Galius Julius Caesar Octavianus, the reforming first emperor of Rome and the man behind some of the Eternal City’s most significant and lasting developments, said a top Omniyat official.
“Emperor Octavianus is remembered for his inspirational and dynamic approaches to development, qualities that we believe are reflected in the Octavian’s unique structure, which is a modern interpretation of a three-dimensional ornament,” explained Medhi Amjad, president & CEO, Omniyat Properties.
The Octavian, which has been approved by the Real Estate Regulatory Authority in Dubai (Rera), is a joint venture with Investate, a real estate investment company based in Bahrain in which Omniyat Holdings owns a 40 per cent stake.
"Investate, through its investor base which includes the Who’s Who of Gulf investors, has contributed 50 per cent of the equity of the project. An escrow account is being opened ahead of the official public launch of the project next week,” Amjad said.
Prior to its public launch, 13 floors of the Octavian’s 19 floors were sold in just two days. The mad rush, says Amjad, is testimony to the confidence in the Omniyat brand name, coupled with the Business Bay’s strong international appeal.
“Business Bay is now emerging as the commercial capital of the Gulf resulting in strong demand from multi-nationals and local conglomerates for grade A offices to serve as regional and international headquarters,” he said.
“A value-add of the location is its proximity to the Dubai International Financial Centre and Dubai International Convention and Exhibition Centre,” Amjad added, noting that the building is located on a new major highway crossing between Business Bay and Downtown Burj Dubai.
The Octavian is designed by Kling Consult, a world-renowned name in German engineering for more than 50 years.
the project will be built alongside a new extension of the historic Dubai Creek, close to the monumental Burj Dubai, which is set to be the world’s tallest building.
Enabling work will start in the third quarter of this year with completion scheduled for the first quarter of 2011.
“With water views on one side and views of Burj Dubai on the other, the Octavian will be an inspiring work environment,” Amjad stressed.
The Octavian has a unique form of two almost-transparent towers connected by a black centrepiece designed to sparkle in the sunlight, simultaneously emanating strength and lightness.
“The aim of the interior is to deliver ease of maintenance and operation along with a touch of class,” said Amjad.
“The Octavian is an excellent investment opportunity, better than many other office property investments in Dubai. Offices in Business Bay are today commanding a yield of 15 to 20 per cent,” he added.
Both towers of the Octavian have three podiums and four basement parking levels with 1,250 bays and high levels of security as part of the overarching Omniyat Facility/Property Management experience.
The building’s ground floor will be alive with around 60,000 square feet allocated for retail space including shops, restaurants and other outlets.-TradeArabia News Service