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Omniyat's second project, Bayswater, is a 25-story scissor-shaped office tower located on a water-facing plot in the Business Bay. The office space in the project has also been 93% sold out and only some offices and the retail space is still available for investors, Wilson added.
The building was designed by leading Dubai-based architects Dubarch. Its unique design is an optical illusion that makes it appear to consist of two slim towers side by side, forming the shape of the letter X. "We try to come up with unique designs all the time. Good location and good design is a winning formula," Amjad said
The building will enjoy more than 875 parking bays spread over 2 basement floors and four podium floors, giving it one of the highest ratios of parking spaces to office space in the area. The building will have two penthouse office floors, one with a terrace and a limited number of waterfront loft-style offices.
Construction of Bayswater, with a value of AED 345 million, will begin in May of this year and is expected to be completed in the second quarter of 2008. Bayswater is a mid-market segment targeted at medium-sized companies which want a premium address and office location but at a lower price than Grade-A offices.
Besides Omniyat Properties, Almasa Holdings also consists of five different companies operating in all areas of information technology. It was formed in 1995 with a capital of one million dirhams and in a short period of 10 years has grown to a 2 billion dirham conglomerate which includes the largest IT distribution company in the MENA region.
Omniyat Properties, which was formed as a result of Almasa spinning off a five-year-old real estate investment divisions, was launched last December with an initial issued capital of AED150 million, and an authorized capital of AED 300 million as a wholly-owned subsidiary of Almasa Holdings.
The division had implemented numerous successful real estate investment projects in the UK and Iran over the last few years, and started looking at the booming Dubai property market more than a year ago. It then started building a land bank and has acquired a number of prime plots in the emirate of Dubai, including the two in Business Bay.
Standing tall over a 58,235 sq. ft plot, Bayswater consists of two basement levels, a ground floor, four podium floors, podium roof and 24 office floors, all accessible by six high performance elevators. Two of the podium floors have special waterfront offices. The topmost floor of each part of the bifurcated tower accommodates offices and a restaurant that opens out onto a terrace.
As for parking, that’s an important aspect that has been addressed by an eight level car park, providing tenants and visitors with over 1000 parking bays.
An arcade of shops provide for the necessities and pleasures of life. The waterside restaurants with their open terraces and views overlooking the Creek can be enjoyed by the Business Bay community during work and leisure hours.
• Bayswater is located shortly after you enter Business Bay from the Sheikh Zayed Road entrance.
• Bayswater is situated in a prime and highly desirable location on the waterside with excellent visibility.
• The building consists of 2 basement levels, ground and 4 podium floors with 24 office floors accessed by 6 lifts.
• There will be 2 penthouse office floors, one with a terrace.
• There will be unique waterfront loft style offices on the 3rd & 4th podium floors.
• There will be approx. 875 parking bays, 1 per 1000 sq. ft will be included in the price and the balance of approx. 565 will be available to purchase.
• The entrance lobby has a drop-off area, access to guest parking and covered walkways to the waterside promenade.
• The building will be finished to the highest quality, including marble and the finest veneers in the main lobby and ground floor areas.
• Because of our dominance in the I.T industry all our buildings will have state of the art voice-over IP telephone technology, Wireless Internet technology, intelligent fully integrated Business and Energy Management systems and fully integrated Air Conditioning systems.
• On-site facilities / amenities will include a gymnasium, café and juice bar with a road-side coffee shop overlooking a relaxing water feature. 8 additional retail areas, 6 on the waterside, will consist of facilities such as convenience store, florist, hair salon, stationary shop and banking facilities.