Dheeraj & East Coast (DEC) has announced the launch of “The Bay Residences,” its first residential offering within the Business Bay precinct.

With the launch of this project, DEC’s total investment in Business Bay has now crossed the Dh1 billion mark. 

DEC’s other projects in Business Bay includes the DEC Business Towers, The Sanctuary and Corporate Bay.

DEC is the joint venture between India’s Dheeraj Group and the UAE’s East Coast Group.

Describing the strong investor interest and response as a key vindicator for the growing need of quality residential properties, Dheeraj Wadhawan, managing director of Dheeraj & East Coast, said:

“There has been a lot of talk about over-supply in the Dubai property market for the last couple of years. However, strong investor interest and response to all our projects thus far indicate otherwise. Additionally, over the last year.

“We witnessed a trend of purpose-built facilities in key locations of the city attracting significant investor interest.”

Wadhawan added: “Dubai’s Business Bay which, as a free hold includes business, commercial and residential components has become a virtual real estate ‘Hotspot’ with the strong regional and global response that it has received thus far.

“However, there is a need for quality world-class residential units within this landmark development that would cater to both the tenants of Business Bay and surrounding areas and The Bay Residences was conceived in keeping with this need,” Wadhawan said.

“The Bay Residences” will be predominantly focused on residential spaces that include 190  number of one, two and three-bedroom apartments, besides also including 5 retail units.

The project will boast of all the latest amenities and facilities including a state-of-the-art health club, lavish jacuzzi, swimming pool and high class retail boutiques and cafes.

Wadhawan also noted that the development of all four projects in the Business Bay, including the DEC Business Towers, The Sanctuary and Corporate Bay, was progressing as per schedule and would be ready for handover to tenants starting mid-2009.

While “The Bay Residences” is DEC’s first residential offering in Business Bay, “DEC Business Towers,” which is also coming up along the banks of the Canal that flows through the Business bay, is set to be the company’s new premium commercial development project housing state-of-the-art business centres and offices amidst splendor, besides also comprising of facilities like a health club, round-the-clock security Wi-fi connectivity and restaurant and retail spaces.

 “The Sanctuary,” with its complete glass façade, will offer plush office spaces in its strategic location of the nerve centre of Business Bay.

“Corporate Bay,” another world-class commercial offering from DEC, is an exclusive tower situated in the heart of Business Bay with state-of-the-art, luxurious business centres and offices alongside facilities such as a health club, 24-hour security, Wi-fi connectivity, retail and restaurant spaces, besides a spectacular view of the Dubai Creek.

These four projects are among the company’s 17 projects in the prominent and highly-sought business areas of Dubai and include its flagship venture – the Dh300-million DEC Towers – and Marina Wharf I and II, which are located in the prestigious Dubai Marina.

DEC Towers is a semi-mixed-use real estate project in Dubai Marina, while the Marina Wharf features residential living including themed restaurants, boutiques and even a bowling alley.

Dheeraj Group is one of the leading Mumbai-based property developers from India.

Established in 1978, Dheeraj is a renowned real estate developer with an array of world-class projects in its portfolio in several cities in India including the commercial capital of the country, Mumbai.

It is reputed for ac