Omniyat Properties breaks ground on its AED 550 million flagship commercial tower 'The Binary'

Phase one of the construction work begins within a few months of launch, signifying the developer's commitment to completing the project on time by the first quarter of 2009.

Omniyat Properties also announced the appointment of the UAE-based AL Habtoor STFA Soil Group as the contractor for the enablement work which is scheduled for completion by the third quarter of 2007.

Ground was broken by Mehdi Amjad, President and CEO, Omniyat Properties, Mohammed Bin Brik, CEO, Dubai Properties and Ercan Karadede, Managing Director, Al Habtoor STFA during a ceremony held on the site of The Binary. The ceremony was also attended by some of the partners involved in the development of the freehold commercial tower.

"This is a significant development for us, especially that the company has recently completed enablement works on two of its commercial towers in the Business Bay district, namely the Bayswater and One Business Bay with 'The Square', an integrated real estate development with residential, commercial and retail components, in Dubai in the early stages of the enablement work. Which means we currently have four out of five projects launched to date in the construction phase,"

said Mehdi Amjad, President and CEO, Omniyat Properties.

Mohammed Bin Brik, CEO, Dubai Properties said "We are very proud of the work that Omniyat Properties is doing, I am very sure that they will have a prominent presence in the Business Bay development. Corporation between us has always been of the highest level and I have no doubt that it will continue to be so in the future,"

Ercan Karadede, Managing Director, Al Habtoor STFA Soil Group said that they are very excited to be part of such an innovative and unique project and proud to be affiliated with a forward thinking developer such as Omniyat. Ercan went on to say that Omniyat Properties were developing some of the regions most technologically advanced and exciting properties that any contractor will be pleased to be part of.

The Binary was launched by Omniyat in July of 2006 with more than 85% of the project sold between the pre-launch and the public launch, "That's why we are unwavering in our commitment to our investors who expect prompt delivery of their property in accord with the highest quality standards," Mehdi added.

The Binary will comprise of dual 21 and 25-storey freehold commercial towers fused at the center that will rise on plot number 50 in Dubai's Business Bay District. The towers will offer office space ranging from 980 to 1,935 square feet (91 to 180 square meters). The top two levels of each tower will have duplex offices with waterfront views. The AED 550 million (US$ 150 million) project will be elevated over a 4 level podium, which will contain a medical center, commercial and retail shops.

"This building is unique in that it is the first of our towers to incorporate the 'OYSTER' concept for office design which was developed by Omniyat Properties' in-house team after thorough research of the working environment in Dubai and in particular on how it could be improved. OYSTER is an acronym for Offices Yielding Superior Targets through Efficiency and Relaxation. Buildings based on this concept are self contained and produce excellent results," explained Mehdi.

As with every Omniyat Properties' developments The Binary will be infused with state-of-the-Art technology; technology that optimizes manpower and minimizes wastage. Voice over internet telephony, radio frequency identification and biometric access, intelligent lighting and energy management systems to name a few that will allow for an efficient, secure and high tech working environment.

Omniyat Properties is developing some of the region's most technologically advanced structures. Its growing real estate portfolio now boasts five, state-of-the-art developments - four of which are in Business Bay - with a combined value of over AED 2.7 billion ( US$ 738 million). Building on its momentum this figure is set to rise to AED 10 billion (US$ 2.75 billion) by the end of 2007, making the company a formidable player in one of the most exciting property hotspots in the world.