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Site visit: Indigo Sky, Dubai

by Paromita Dey on Jun 12, 2016

Indigo Sky will be completed in August this year.
Indigo Sky will be completed in August this year.

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Yet another addition to the current spate of commercial buildings on Sheikh Zayed Road, Indigo Sky has seen a huge demand for its prime location and fast delivery time, claims its Dubai-based developer Indigo Properties. Precisely, the company says that it has been at the forefront of delivering commercial buildings in locations that have high demand and supply ratio in the emirate.

A low-rise development on Sheikh Zayed Road next to Noor Bank metro station, the Indigo Sky is a G+1 commercial building, with large office and retail spaces. The project boasts 2,044m2 of retail spaces, taking the total leasing area to 3,092m2. Overall, there will be 10 offerings, which will be divided into four retail, and six office spaces.

In an interview with Construction Week, Sumeet Khubchandani, sales and marketing manager for Indigo Properties, says: “Our commercial buildings on Sheikh Zayed Road are a minor part of our diverse portfolio, but it is the most visible one.

“We get more enquiries for these buildings rather than any other projects. On the same lines, we have already completed eight buildings a few years ago, and now they are fully occupied. We boast tenants like Etihad Airways, Abu Dhabi Commercial Bank (ADCB), Reem Al Bawadi, to name a few, for our commercial developments.”

With completion due in August 2016, the developer has just started to hunt for tenants. Khubchandani claims: “We have just started looking into tenant enquiries from May this year, because now we know that the completion timeline will be within the next three months.”

He adds: “We feel this is basically the right time, where we get approached by tenants. We already have one confirmed company, which will be occupying two blocks. We have had enquiries from a few groups, comprising interior design and furniture companies.”

The development has one floor dedicated to basement parking, which will accommodate up to 50 cars. Considering the retail offering, the project will feature mostly large showrooms, spanning 464 to 557m2, which, according to Khubchandani, “can be leased to either big car brands or banks”.

He says: “We have just begun marketing our product from May. We have been getting inquiries, but we do not start leasing it until it is ready. Pricing will be competitive; for offices, we are looking at $51.7 (AED190) per m2, whereas for retail spaces, it will be priced at around $122 (AED450) per m2.”

Khubchandani also claims that the costing is much less than the current prevalent price in the market for such products. “For all our commercial projects, we follow a modus operandi of leasing to big names first. Then we look at financial institutions, which expect returns on investment (ROI) for the paid price.”