By Muby Asger, Staff Reporter www.gulfnews.com
DUBAI: With its central location, competitive rents and spacious homes, Business Bay is on its way to being the Destination of the Future.
A residential cum commercial community, the area, which runs alongside Al Khail Road, has more and more people calling it home.
And why not? “One bedrooms go in the range of Dh50,000 to Dh70,000; while two-bedrooms cost between Dh85,000 and Dh90,000 annually and three bedrooms between Dh95,000 and Dh110,000,” explains Mohanad Al Wadiya, CEO of Harbour Real Estate. And those are the official figures. Bargain hunters could snap up a one-bedroom in Churchill Residency for as low as Dh47,000 or a two-bedroom for Dh63,000.
Meanwhile, a three-bedroom plus maid’s room in Executive Towers could be bagged for as low as Dh85,000 through an online property portal. That’s a minimum of Dh10,000 lower than what the average rental trend proves. It’s also at least Dh7,500 less than a three-bed in its neighbour community, Downtown Dubai, according to Rera’s (Real Estate Regulatory Agency) rental calculator. “As this area is not yet fully developed, you get the opportunity to live right next to DIFC (Dubai International Financial Centre) and Burj Downtown at nearly half the rent,” says Al Wadiya.
But confusion still reigns on the exact location of Business Bay. “The community is located right next to Burj Downtown, with easy access to Shaikh Zayed and Al Khail Road, with close proximity to the Metro station,” explains Al Wadiya. “Launched as the new business capital of Dubai, the area consists of over 200 buildings, of which only about 25 are currently handed over or close to handover.”
Naturally, with a development so new, rents are reduced to lure tenants. But as with any neighbourhood that spans such a large area, there are cheaper and more expensive towers. “At the moment Churchill Residency and the soon-to-be handed over Ontario Tower are on the cheaper end of the scale in terms of rentals, while The Prism and Executive Towers would cost more since they are built to a higher finish and are at a more accessible location,” says Al Wadiya.
Despite rents being attractive enough to lure tenants, the area still leaves a lot to be desired in terms of amenities and facilities. While the 11 residential buildings that comprise
have a handful of shops and restaurants near completion, and the towers directly behind Business Bay have a beauty salon and a corner shop for groceries, the rest of the area is still bare, sans retail.
“There are no existing entertainment options in Business Bay. Residents need to make a short drive across to Dubai Mall which has cinemas, restaurants, coffee shops, retail, a bank and a supermarket,” explains Al Wadiya.
Unlike most apartments and villas in Dubai, which are serviced by Dewa (Dubai Electricity and Water Authority), many of the towers in Business Bay need to rely on Empower (cooling service provider) for their air conditioning.
N. Fuentes, a resident, explains that unlike other buildings where each apartment has its own AC unit, his tower relies on Empower for cooling. “I pay a standard of Dh1,500 per quarter to Empower for my AC, regardless of usage. Even if I’ve been out of the country all month, I have to pay for Empower. Plus, I have to pay my Dewa bills for other consumption costs.”
Those who chose to enjoy the lowered rent for upscale living, have to also bear the flaws in mind. Most noticeable is the transport issue. While the area does have its own Metro station, it’s only feasible for the towers directly facing Shaikh Zayed Road. For those who drive, entry and exit points are limited, with a majority of residents admitting to driving through dirt roads in order to reach their building.
Maram Ziyadeh, a 27-year-old mum, lives in U-Bora near the Business Bay Lake. “At the moment, there is only one way in and out of our area,” says the Palestinian who is among the first five residents to have moved into the tower.
“Recreation facilities are also limited. The pool, gym and recreation hall are scheduled to open next month, so that will make my days a lot more entertaining.”
Supermarkets: A grocery store in the area behind the Metro station. Additionally, Al Maya Lals offers home delivery for a minimum spend of Dh50.
Malls: The nearest mall is Dubai Mall, complete with cinemas, restaurants and retail.
Schools: The nearest nurseries, school and medical facilities are on Shaikh Zayed Road and Jumeirah.
Service Provider: The area comes under du and hence landlines, TV and internet are through them.
Utlities: Many of the towers on Business Bay, including Executive Towers have to use Empower for their cooling needs. All other consumption bills are through Dewa
Transport: Nearest Metro stations are Business Bay and Dubai Mall. Taxis on call.
After Mirdif and JBR, we take you on a tour of a new development which you have heard of often, but have not been informed enough – Business Bay.