Construction to commence on Dubai World Trade Centre
Construction on one of Dubai’s largest office schemes is set to recommence, helping to stimulate the city’s stagnant office market, after approval for the project was granted by the chairman of the Dubai World Trade Centre, Sheikh Hamdan bin Rashid Al Maktoum, late yesterday evening.
Plans for the first phase of construction have so far been delayed, as the project’s developer has focused on expanding exhibition space at the scheme’s sister site, the Dubai International Convention and Exhibition Centre.
When complete, the Dubai Trade Centre will be a new business quarter comprising of 146,000 sq ft; bringing 250,000 sq ft of office space to market. Office occupancy levels are projected to exceed Dubai’s wider office market, forecast to rise above 90% when construction is completed.
Hopkins Architects, the developments designers, said that when complete, the Dubai World Trade Centre District will be the most important area of real estate in the Gulf and the Middle East and the heart of a new business district within the city.
Speaking at a conference, DWTC chief executive, Helal Saeed Almarri said: "There is now demand for prime office space in the area, particularly from large multinational corporations looking to consolidate and companies who are outgrowing their existing offices.
[caption id="attachment_13627" align="alignright" width="340"] Dubai World Trade Centre[/caption]
“Just as this first stage is designed to satisfy clearly defined opportunities, revising the wider master plan and adopting a multi-phased approach gives us the flexibility to ensure that plans for the Dubai Trade Centre District are able to respond to evolving market dynamics.”
The first phase of the projects construction, set to commence in the third quarter of 2013, includes two five star hotels, seven office buildings and two mixed use towers.
The office buildings are designed to achieve LEED ™ 'Platinum' status, the highest environmental building standard, when completed.
Hopkins Architects billed the features of their design as striking a balance between public and private spaces, centred around a unique urban hub of mixed-use offices, apartments, hotels and retail space. The development will integrate internal and external public spaces featuring tree-lined avenues, roof-top gardens and light filled courts within modern office and retail infrastructure upon completion.
Photos courtesy of Hopkins