Saturday, February 16, 2008

Burj Dubai's 94th floor bought for Dh44 million

DUBAI — A European investor has bought for Dh44 million the world's highest office-level measuring 11,000 sq ft on the 94th floor of Burj Dubai, now the highest building on earth at 604.9 metres.

The sale was facilitated by Dubai-based Eqarat.com, the preferred sales agent for all the real-estate projects of Emaar Properties, developer of the 159-floor Burj Dubai, the agent said in a statement yesterday.

Eqarat.com did not reveal the investor, but described the deal as a "successful acquisition of the most coveted commercial real-estate property within the globally renowned landmark".

The statement said that intense competition among property developers and high-profile investors has made it difficult for buyers to acquire their ideal properties in Dubai, which is seeing tremendous growth in the construction industry.

"It brings us pride to have successfully facilitated the sale of the most sought-after commercial space in Dubai at present, as a result of our market strategy, which we have gained through extensive knowledge of the local market," said Ali Al Rahma, CEO of Eqarat.com.

Burj Dubai is the centrepiece project in Emaar's 500-acre Downtown Burj Dubai development, which includes residences, hotels, retail spaces and community centres, among other things

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