S$150 mn Tower Construction
As a sign of the
growing business ties between the United Arab Emirates (UAE) and
Singapore, a S$150 million Singapore Tower is being built in Dubai.
The project was unveiled by AKAR Properties on Friday.
The UAE property developer is targeting the high-end office building
not just at Singapore companies in the Middle-East, but also at
other Asian businesses.
When completed in 2008, the Singapore Tower will take its pride of
place at the new Dubai Business
Bay that is being developed at a cost of S$86 billion.
Singapore Tower will have approximately 240,000 square feet of
It is designed by Singapore-based Ong and Ong Architects.
AKAR Properties hopes that the 20-storey building can become an
enclave for the growing Asian business community in the Middle-East.
Sultan Hareb Al Falahi, CEO of AKAR Properties, says: “The Singapore
Tower is made for Singaporeans and Asians, not only Singaporeans. We
believe in our relationship with Singapore and we believe
Singaporeans are closer to us as a relation.”
“UAE is a small country serving big nations; Singapore is also
serving huge Asian nations, so we are having something closer to
each other,” he says.
The developer believes it will be able to recoup its investment in
10 years from leasing the office property at a fixed rental rate.
AKAR is part of a business delegation from the UAE which is in
Singapore to attract investors and source opportunities.
Dubai Properties is also part of the team.
It is here to market its wide-range of properties that range from
residential to entertainment.
Fahad Al Gergawi, Director of Internal Business Development, Dubai
Properties, says: “We are really coming to Singapore to look at
opportunities. But that doesn’t mean that opportunities will be from
Singaporeans only. We are very sure that Singapore really caters to
a bigger and wider area in
Asia and beyond sometimes.”
Going forward, we can expect to see more businessmen from the UAE in
the region, as a lot of the developers are now setting their sights
on the property market here, especially on the high-end property
Property aside, the Singapore Business Federation says that there
are opportunities in other sectors here open to businesses from the
Philip Forrest, Deputy Honorary Secretary of Singapore Business
Federation, says: “When you think about the two economies, they have
so many similarities - small populations but really quite wealthy.
And the people of UAE need exactly the same sort of things that
Singaporeans need. So there are opportunities in the retail sector,
and logistics is an important area, as a gateway to the rest of the
And the UAE is also keen to attract Singapore investment.
Rashed Tarish Al Qubaisi, Deputy Director General of Abu Dhabi
Chamber of Commerce & Industry, says: “And now the government of the
UAE looks at Singapore as a model in many areas, especially in Abu
Dhabi. We’re developing five industrial areas and we have sought the
expertise of Singapore to help us develop these industrial areas. I
see more of such relationships growing in the future.”
Also in the pipeline is a possible Singapore investment for the
construction of a S$500 million hotel in the UAE.
Source: Channel NewsAsia, 27 October 2006