Bando Begins Last Push For Business Bay SalesFriday, February 18, 2011
Having completed a massive mixed-use development and just got the utility connections in place for it, a local developer is gearing up for one final bout of activity. And that could well be the hardest part. The South Korean company Bando Housing Corp, the developer of the U-Bora Towers in Business Bay, will shortly start marketing about 100 residential units that were left unsold when the local property market crashed in late 2009. There are 225 apartments making up the residential portion of the property, and the ones that were sold during the peak fetched Dh1,200 a square foot and more. "We are looking at a base asking price of Dh1,000 a square foot and more on the available units and given the quality of the build — and location — are hopeful of finding buyers soon," J.M. Park, project manager for U-Bora Towers said. "By early March, all of the finishes will be in place and the apartments will be ready to move into.
Business Bay is one of the best locations for a mixed-use development, and ours enjoy a prime spot. I am sure potential buyers will appreciate that." It's not just Bando's hopes that are riding on the upcoming sales push. In effect, the developer is testing the waters on behalf of quite a few privately-owned projects in Business Bay that are to be completed over the next 12 to 24 months. The key factor is whether there are enough buyers out there willing to commit at Dh1,000 a square foot and more in that master development. Market observers see as soft buying interest persisting in the cluster, based on the belief that as more projects get completed, prices will continue to be under pressure..Source: Gulf News