Industry & Economy
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Real Estate & Construction
Dubai Properties woos Indian cos for Business Bay venture
Our Bureau
Mumbai
,
Dec. 20
DUBAI Properties, a member of Dubai Holding Group - an investment arm created by the Dubai Government last year, is looking at wooing Indian construction companies.
The plan is to get Indian builders and construction material manufacturers to participate in the 64-million square feet Business Bay that aims to build 500 towers ranging from 24 floors to 100 floors.
Talking to Business Line, Mohamed Binbrek, Chief Administrative Officer, Dubai Properties, said the idea was to attract some of the big Indian builders and construction material manufacturers to Business Bay, where Dubai Properties will construct 100 towers.
The total outlay by Dubai Properties in this venture would be around $7 billion.
"We are wooing Indian companies to join us in the Business Bay venture, though not as equity participants. The business model planned is that of turnkey contractors to execute specific projects. The first phase of 13 buildings need to be ready by 2007 and we aim to complete 100 towers by 2010," Mr Binbrek said.
Dubai Properties is also looking to attract high networth individuals of Indian origin to invest in Big Bay Hotel villas.
"Each room will cost Rs 1.5 crore on an outright purchase. Some 300 such rooms will be ready 2007-end. The payment can be made over 20 months in four instalments - two each of 30 per cent and 20 per cent, respectively," Mr Binbrek said.
Business Bay, as a project, is looking at investors - apart from the Gulf region - mainly from India, UK and Germany.
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