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IN FOCUS: BUSINESS BAY

IN FOCUS: BUSINESS BAY

Check out our updated guide to one of Dubai’s most popular and best-located districts

OVERVIEW: One of Dubai’s fastest growing districts, Business Bay is also quickly becoming one of the city’s most popular business and leisure destinations, thanks to its proximity to Downtown Dubai and the Dubai Canal, which snakes its way through the development. The precinct boasts some of the city’s best business and leisure facilities and world-class transportation links, with direct access to Sheikh Zayed Road and the Dubai Metro. It is also located less than 10 minutes’ drive from Dubai International Airport.

DUBAI’S ‘COOLEST NEIGHBOURHOOD’: Business Bay gained worldwide attention in 2017 when it was named among respected travel guide Lonely Planet’s top 10 “coolest neighbourhoods to visit”. The precinct ranked fifth on the list, placing it among some of the world’s hippest destinations, including New York City’s Sunset Park, Rio’s Botafogo and Seoul’s Seongsu-dong. The recognition, which came as a surprise to some, showed how far Business Bay had come, particularly as it has (literally) risen from the shadow of its neighbour, Downtown Dubai, which boasts world-famous landmarks including Burj Khalifa, Dubai Opera and Dubai Mall.

“Bordered by glitzy Downtown Dubai to the north and intersected by Dubai Canal, there’s a 12km-long promenade for strolling, while ferries cruise south to Dubai Marina and north to the Al Fahidi Historic District,” Lonely Planet noted in its review of the district. “Things will only improve over the next few years as parks, playgrounds, marinas, hotels, cafés and boutiques pop up along the canal. Away from the water, Bay Avenue is the community’s buzzing heart, with casual restaurants, a pleasant park and weekly farmers’ market during the cooler winter months.”

INVEST IN BUSINESS BAY WITH THE FIRST GROUP

Business Bay’s growing popularity as a business, hospitality, leisure and tourism destination make it the perfect location for three of The First Group’s latest hotel developments. All three projects offer fantastic opportunities to gain an investment foothold in this exciting precinct.

The One Hotel at Business Bay (operating as Millennium Place Business Bay): This spectacular 492-room, four-star hotel currently under development will be managed by TFG’s respected international operating partner, Millennium & Copthorne. Millennium Place is a contemporary lifestyle hotel concept targeting modern travellers who demand affordable, yet high-quality upscale accommodation. The hotel, which overlooks Dubai Canal, will boast premium business and leisure facilities.

Sky Bay Hotel Business Bay (operating as Ramada Plaza Business Bay): Sky Bay will set new standards for quality and affordability in Dubai’s booming upper mid-scale hotel market. The stylish 440-suite hotel will boast a range of high-quality amenities, including signature F&B outlets, an innovative NEST co-working space, fully-equipped spa, gym and yoga facilities, steam rooms and outdoor swimming pool with sundeck. It will operate under the world-renowned Ramada Plaza brand.

Dolphin Tower at Business Bay: With stunning views of Dubai Canal, this impressive 330-room, four-star hotel will boast a range of premium guest amenities sure to appeal to business and leisure travellers. Managed by TFG partner Wyndham Hotel Group – the world’s largest hotel management firm – and situated in the heart of Business Bay, Dolphin Tower is ideally positioned to generate strong investment returns.

HOT PROPERTY: Demonstrating its incrediblepotential, Business Bay is currently Dubai’s most popular location for property investors, with the latest surveyed period (spanning Jan-Sept 2018) showing more than 2,644 property transactions for a total value of AED5.3 billion (US$1.44 billion). By comparison, second-ranked Dubai Marina recorded 1,972 transactions worth a total value of AED4 billion.

Source: Dubai Land Department (DLD) 2018

NEED TO KNOW

LOCATION: Adjacent to Downtown Dubai and Dubai Canal

TOTAL AREA: 4,360,000 sq metres

PRECINCT BREAKDOWN: Commercial 18.5%; Mixed-use 59.4%; Residential 22.1%

PLANNED BUILDINGS: 230 towers

PROJECTED POPULATION: 300,000

TRANSPORT CONNECTIONS: Dubai Metro Red Line. Al Khail Road (10 minutes’ drive from Dubai International Airport).

  • 2 minutes to Dubai Canal
  • 5 minutes from Downtown Dubai and Dubai International Financial Centre (DIFC)
  • 10 minutes’ drive from Dubai International Airport

 

 

Dubai property investment opportunity - The First Group