01/09/2014 11:21 AST
Dubai-based Sweid & Sweid Development has broken ground on its high-end office building project, 'The Edge' coming up in the heart of Dubai Internet City
The commercial building, which is aimed at helping address key gap in Dubai commercial real estate landscape, will be ready for occupation in 2016, said the boutique real estate firm in a statement.
It will cater to multinational and regional companies seeking modern and efficient office space. The Edge will offer boutique offices while also addressing demand for single-owner, large, and continuous commercial space in Dubai, it added.
When built, The Edge will be over 100,000 sq ft of gross floor area stretched out over seven stories including retail areas on the ground floor.
In addition, the building will boast of over 80,000 sq ft of underground parking space to offer its tenants one of the highest parking-to-office ratios in the area.
Chairman Mohannad Sweid said: "Following our success in delivering bespoke commercial space in Cairo, we believe a similar, institutional-grade product will be well absorbed by the Dubai market."
"Dubai Internet City remains to be one of the most sought after locations for major multinational corporations given its low density, proximity to the Sheikh Zayed Road, and surrounding residential communities such as Dubai Marina, Tecom C and JLT," he noted.
"Furthermore, we believe The Edge will distinguish itself as a single owned, highly efficient, modern product that falls in line with market demand. We have been careful not to rush to construction and take our time during the design process to ensure that will we be delivering exactly what the market needs, and setting a new benchmark for development in Dubai Internet City in terms of quality and efficiency," he added.
Majed Al Suwaidi, the managing director, Dubai Internet City and Dubai outsource Zone, said: "Today’s announcement demonstrates our commitment to developing our business parks to suit the needs of our clients and offer strong commercial real estate solutions."
Dubai Internet City, he said, was now home to over 1,400 companies from across the ICT value chain and over the past year it had witnessed the expansion of several business partners.
"In line with this, The Edge will further support the needs of existing and future business partners and Dubai’s ICT industry and vision to be a leading knowledge-based economy," he remarked.
Dana Williamson, the head of Agency MENA at JLL said: "The demand for high-end commercial office space, especially those buildings which can offer the convenience of a single owner will continue to rise in coming years."
"The Edge’s proposed combination of investment-grade specifications and finishing, efficient use of floor space and a high parking-to-NLA ratio should be extremely compelling to companies looking to operate in the area," stated the official.
The building has been designed by Brewer Smith Brewer Gulf (BSBG); a leading architecture, engineering and interior design group with over 35 years of experience in the UAE.
In line with its development strategy, Sweid & Sweid has arranged for the full funding of The Edge prior to commencing construction.
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