Business Bay phase one sales top $5bn

Dubai Properties, a member of Dubai Holding, has announced sales of approximately Dh20 billion ($5.44 billion) from the first phase of its milestone project, Business Bay.

Hashim Al Dabal, chief executive officer of real estate developers Dubai Properties, was quoted by the Gulf News as saying that 32 companies have started construction operations at Business Bay.

Shihab Lotfy, business development manager of Dubai Properties, said that the company has sold 222 units of land in the first phase.

The 64 million sq ft project, which will stretch from Shaikh Zayed Road along a new creek to Dubai's coast, will cross the Dh200 billion mark in total investments.

Planners hope Business Bay will become home to the world's leading companies and help maintain Dubai as the region's business capital, following in the footsteps of New York's Manhattan island.

The total amount invested by Dubai Properties in Dubai real estate projects currently stands at approximately Dh300 billion.

Around half of Business Bay's prime waterfront land will be taken up by commercial developments.