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Dubai: Tulip Business Developers yesterday launched the Peninsula project a freehold office tower to be built in the Business Bay.
Tulip has appointed UAE-based Adnan Saffarini as the design and architecture consultant for the Peninsula that will be constructed on 580,000 square feet. The Dh450 million project is expected to be completed in late 2008.
"With the commercial property sector in Dubai booming, demand for luxurious and exclusive office space is at an all time high. We believe that the development of Peninsula at this time directly complements this expansion in the market and will further establish our company as a major player in the real estate industry in Dubai," said Tulip president Masoud Sangi.
Tulip's Peninsula freehold office tower will be constructed on 580,000 square feet.
"We believe that the new (property) law will create a healthy boom in the freehold market by greatly improving investor confidence in Dubai, especially among expatriate investors who held back from investing in Dubai due to the absence of the law. We at Tulip have the highest confidence in Dubai's property market, and this is reflected in our commitment and dedication to all of our projects," he added.
Peninsula will be a 20-storey freehold office building that will have advanced communications systems, well-designed spaces, and views of the waterways and canals from every office. It will also have 22,000 square feet of retail space, ideal for coffee shops and restaurants at the waterfront.
Other features of the Peninsula include a fully equipped business centre, a health club, swimming pool and sauna, an aerobics centre, and a virtual golf course the only one of its kind in Dubai.
Via Gulf News
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