KM Properties launches Park Lane Tower on freehold purchase

Dubai-based KM Properties, who recently announced the first sharia-compliant hotel and real estate fund, has come to market with another ‘first’ - the mixed-use, commercial-residential-retail Park Lane Tower located in the city’s Business Bay development. The state-of-the-art tower comprises 29 floors spread over commercial office space, residential apartments and retail units. It is thought to be the first time that a three-way, mixed-use configuration in one building has been launched in the region. Park Lane Tower is located at the heart of Business Bay – Dubai’s newest city-within-a-city development, running from the city’s arterial highway, Sheikh Zayed Road, alongside the new creek from Ras Al Khor. Selling prices at Park Lane Tower have been identified as ‘extremely competitive’, starting from AED 1,099 per square foot for freehold; rental in the city is already exceeding AED200 a square foot in some areas. KM Properties is guaranteeing a 10 per cent return on investment by offering a management service on all buy-to-rent units. For buyers that select buy-to-lease and a direct management contract with KM Properties, the company will guarantee rental returns from two to five years post-acquisition. This guarantee ensures purchasers can make higher than normal returns when compared to conventional investment opportunities, in addition to the expected capital gain in the appreciated unit value. Multi-option, investor-tailored financing for buy-to-live and buy-to rent investors is being offered by National Bank of Dubai. Meanwhile, the project design as been awarded to leading international architectural designer, Carlos Ott. Ott has a track-record for designing landmark buildings, including L’Opera de la Bastille and National Bank of Dubai’s iconic headquarters. According to Ott, Park Lane Tower is also ‘destined to be a landmark building’. He has chosen an aerodynamic form, that he promises will look ‘spectacular – and different - by day and night’. Park Lane Tower will be a state-of- the-art facility, complete with the latest ‘touch-of-a-button’ technological innovations including security, home automation, satellite communications, bespoke lighting system suited to business and personal lifestyles. It is on schedule for occupancy in late 2008.