DIP transfer, sub-leasing transactions surge 50pc
Dubai, June 17, 2014
Dubai Investments Park, the largest integrated commercial, industrial and residential community in the Middle East, said the number of transactions for transfer and sub-leasing within the development have surged by more than 50 per cent in the first quarter this year.
The sharp surge comes amid heightened demand and business optimism following Dubai’s successful bid to host Expo 2020, said a statement.
The number of transactions in March totalled to 367, while February recorded 376 and January recorded 260, it said.
The value of the transactions during the period totalled to Dh280 million ($76.2 million), as compared to Dh800 million during January to November of last year.
Omar Al Mesmar, general manager, DIP, said: “The positive impact of the Expo 2020 is already visible and we are confident that we will be able to accelerate our growth in the coming months and years. Our proximity to the Expo 2020 site is a major advantage for prospective investors, and the increased demand for our properties is testimony to this.”
The 2.8 million sq ft DIP Phase 8, which is being construction across two stages, is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector, said the statement.
The DIP has also expanded its range of facilities including schools, showrooms, hotels, offices, mosques, warehouses, factories, industries facilities, residential and staff accommodation, it said. - TradeArabia News Service