3 February 2015

Ibn Battuta Gate Office building in high demand as Expo 2020 Dubai draws nearer

Source: Seven Tides website.

As preparations for Expo 2020 Dubai gather pace, Ibn Battuta Gate Offices, owned by luxury property developer Seven Tides, is capitalising on its location in the heart of New Dubai, next to the M√∂venpick Hotel, the Ibn Battuta Mall and a nearby metro station.

Interest has also heightened since an announcement was made to extend the existing Ibn Battuta Mall by 28,000 sq m at a cost of AED160 million. This will include a 350-bedroom hotel, 150 additional shops, 50 more restaurants and a 21-screen cinema.

Ibn Battuta Gate Offices is less than 30km from Dubai World Central, the Expo 2020 site and Dubai World Central Airport, and boasts a multi-storey, automated car park facility that can accommodate 765 cars.

Asteco, one of the region’s major real estate consultancy and property management firms, currently manages the Ibn Battuta Gate Offices building.

“We are now handling a steady stream of enquiries from small startups to international companies looking to set up their businesses here and we expect that to accelerate in the run-up to Expo 2020, particularly with the availability of fully fitted, fully inclusive offices with dedicated parking spaces,” said John Stevens, Managing Director, Asteco.

“Around US$7 billion has been earmarked for development and infrastructure projects linked to Expo 2020 which will effectively position the 150-hectare development as a hub in its own right, and Ibn Battuta Gate’s strategic location places it firmly in the sightline of opportunity with its ‘move-in-and-go’ setup.” 

Stevens said investment and employment creation are expected to fuel real estate market growth over the next five years with an estimated 277,000 jobs and 20 million extra visitors during the six-month long expo.

“I believe that this will have a positive effect on rental rates in the market for those developments that offer accessibility and convenience in the form of public transportation links and peripheral services such as retail, entertainment, residential and public services,” he added.