Posted by Bob Brunskill
Dubai-based developer Bonyan International Investment Group has begun the handover of its Dubai Gate 1 project in Jumeirah Lake Tower.
The project includes 30 retail shops and a total of 592 residential units, 50 per cent of which are expected to be handed over by the end of April, Emirates Business 24/7 reported.
Samer Jammal, customer relationship manager at Bonyan, noted that many of the building's customers are investors living abroad.
"According to our estimates, around 90 per cent of those investors who have taken the handover of the building are looking to rent it out. We will be extending help to those wishing to rent out their apartments," he added.
Mr Jammal said that Bonyan has been referring investors to real estate brokers to help them with their leasing plans.
In other development news, Archgroup International and Emirates Airline announced this week that construction of Emirates Park Towers, their AED 1.8 billion, 1,612 room project, remains firmly on track, with the South Tower expected to be handed over to hotel chain Marriott International in May 2011.