Business Bay buzzing with new launches

27.05.2015
On one hand, there's the 26-storey AG Tower that is to be constructed while on the other, RP Group is working away at building the second tallest tower in Dubai. After a gap of a few months, Business Bay is again buzzing to the sound of new off-plan launches, according to Gulf News. A three-way alliance involving Fortune 5, Arabian Gulf Properties and Time Properties is helming a new ground plus 26-storey (including three podium levels) residential project, AG Tower, at the master-development. Expected to cost AED450 million to develop, the promoters look to generate sales proceeds of around AED700 from apartment sales. Just recently, Saudi headquartered RP Group confirmed it will look to an end of the year launch for its Business Bay project, which would also be the second tallest tower in Dubai. According to Prem Goplani, executive chairman at Fortune 5, from a buyer's perspective there is the pricing advantage to be had — “Business Bay off-plan prices are still around AED1,400-AED1,500 a square foot compared with the AED2,500-AED3,000 in Downtown. There are a further three or four plots which we could develop in Business Bay — we could look at a higher sales price for them.” “The second-half of the year should see more project launches at Business Bay — there’s a more realistic assessment of pricing structures on the developers’ side.”

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