DUBAI: Dubai is still the choice of real estate investors and property buyers from around the world. The assessment came from the group chief executive officer of one of the leading real estate and property development institutions in the UAE.

“We have buyers from around the world, 32 nationalities so far,” KM Properties’s Sanjeet Joher said in an exclusive interview.

The 32 are from Europe, Asia, Africa and the Americas. “They are mid-range businessmen, professionals and multinational companies,” added the former hotelier.

With more than 20 years of experience in the hospitality and tourism sectors, Joher is now on top of the construction, development and sale of three luxurious mix-used towers costing Dhs2.1 billion, on Business Bay.

Under the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai and with the Dubai Municipality and the Dubai Land Department (DLD) closely collaborating with the real estate and property development sector, the 46.8 million square feet Business Bay near Al Wasl, Al Markada, Zabeel and Al Quoz, is on its way to be the Gulf’s Manhattan District. 

The three KM Properties towers, among the 240 commercial and residential buildings landscaped by the extended Dubai Creek and Sheikh Zayed Road are the Tamani Hotel/Park Lane Office Tower, the B2B Office Tower and the Tamani Arts Offices.

The 34-storey Tamani Hotel/Park Lane Office Tower located at phase one of the Business Bay facing Sheikh Zayed Road is valued at Dhs700 million.

The B2B Office Tower consisting of 20 storeys of floor-to-ceiling glass offices and whose tenants will get a full view of the Ras Al Khor Creek is worth Dhs450 million.

The Tamani Arts Offices, part of the Artisan Cluster and which will house 1,000 offices and other commercial firms in all its 21 floors, is Dhs950 million. 

Joher cited several factors why Dubai remains to be on the prime list of real estate and property development investors, in spite of the world economic crisis.

He mentioned of the enforcement of peace and security measures, the focus on the development of road networks and infrastructures of communications, as well as the tolerance of the society. 

Joher pointed out the strategic location of the UAE between and among continents, earnings its place as a global trading hub along with Hong Kong and Singapore.

“We are also in a tax free zone,” he added. He said these are the same reasons why the industry players are optimistic.

“Market situation will take another one or two years to settle down because of the global economic climate which have affected everyone,” he said.

Joher also said: “There are challenges definitely. But, we have to focus and resolve and move further. The business might not be at the same levels in 2007 but there is no way but up.”

“We have reached the lowest levels but we remain optimistic because Dubai is in the best location. There is peace and security and the infrastructures are among the best if not the best in the world,” he continued.

On this note, Joher shared what the DLD under director general Sultan Bin Butti and  Real Estate and Regulatory Authority (Rera) under chief executive officer Marwan Bin Ghalita   have implemented, to help real estate and property developers burdened with monetary concerns.

Joher explained that in this scheme, DLD and Rera act as the “guarantor for property developers for the completion of projects depending on the terms and conditions set by banks.”

He said that that based on his four-year experience with KM Properties, “people want to either work or live in new properties” in the emirate, especially in areas and buildings that give them the added value to the price they pay such as upscaled in-house services.

“We do not want to lose time and I believe Dubai still has opportunities to expand further,” he went on to say. Hence, the ongoing construction of the three mixed-use luxury towers, targeted to be completed and inaugurated between the last quarter of 2011 and the first quarter of 2012.

Business Bay, expected to be with 191,000 population, will reach completion five years from now. “We want to run parallel with the development of Business Bay,” he said.