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Property developer Omniyat Properties has launched its eighth project in Dubai, a 19-storey modern office twin tower located in Business Bay.
The Octavian, which has been approved by the Real Estate Regulatory Authority in Dubai (RERA), is a joint venture with Investate, a real estate investment company based in Bahrain in which Omniyat Holdings owns a 40 per cent stake.
The AED1.2 billion ($327 million) project is Omniyat's first project to be launched in this year, and is one of eight developments that will quadruple the value of the company's Dubai property portfolio to AED21 billion ($6 billion) in 2008.
This follows an excellent year in 2007 with its sales doubling and its profits tripling on the previous year's results.
The Octavian is named after Galius Julius Caesar Octavianus, the reforming first emperor of Rome and the man behind some of the 'eternal city's' most significant and lasting developments.
"Emperor Octavianus is remembered for his inspirational and dynamic approaches to development, qualities that we believe are reflected in the Octavian's unique structure, which is a modern interpretation of a three-dimensional ornament," said Medhi Amjad president and CEO of Omniyat Properties.
Investate, through its investor base, has contributed 50 per cent of the equity of the project. The Octavian is designed by Kling Consult, a world-renowned market leader in German engineering for more than 50 years. It will be built alongside a new extension of the historic Dubai Creek, close to the monumental Burj Dubai, which is set to be the world's tallest building. Enabling work will start in the third quarter of this year with completion scheduled for the first quarter of 2011.
