Sunland Group’s associated group Emirates Sunland has struck an agreement to develop a $125 million mixed used property development in Business Bay – Dubai.
Under the agreement, Emirates Sunland has two thirds interest with private investors holding one third in the commercial and retail and studio apartment development. All parties have contributed equity in proportion to their shareholding in the development.
Sunland Group holds a 50% shareholding in Emirates Sunland.
The conglomerate has proposed to build a 20 level building comprising 18,000 sqm office precinct, 4,000 sqm studio apartments and 1,800 sqm of retail space.
The land was purchased from Dubai Properties for $25 million.
The Business Bay site is the third development project for Sunland in Dubai, along with Palazzo Versace and D1 – an 80 level residential tower. Emirates Sunland is also project managing a master planner resort development at Umm Al Quwain.
Sunland’s managing director Sahba Abedian said that since the establishment of the group’s offices in Dubai, a number of development opportunities have arisen and will provide a strong balance to the group’s Australian portfolio.
Sunland’s Dubai branch is responsible for the design and project management of the $125 million Business Bay project.
It is expected that the final design drawings and approvals will be obtained by March 2007 with construction schedules to commence prior to June 2007. Completion will be within 18 months.
By Adam Parsons
