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Ithra Dubai says The Ei8hty Ei8ht leased within one month of launch

ICD company's CEO Issam Galadari commends performance of Silicon Oasis property despite 'quiet rental market in Dubai'

The Ei8hty Ei8ht is an Ithra Dubai project.
Ithra Dubai
The Ei8hty Ei8ht is an Ithra Dubai project.

Real estate company Ithra Dubai, owned wholly by Investments Corporation of Dubai – the principal investment vehicle of the Government of Dubai – said all 88 residential units within its The Ei8hty Ei8ht in Dubai Silicon Oasis were let within four weeks of going to market, with Ithra Dubai’s chief executive officer and board member, Issam Galadari, commending the short rental period of the homes.

The Ei8hty Ei8ht’s exterior is fitted with glass to allow for the flow of natural light, and in a statement, Ithra Dubai said the building was focused on “minimalistic architecture”.

Ithra Dubai operates a lease-only model, and is known as the developer and manager of properties such as Deira Enrichment Project and its Waterfront Market and Gold Souk Extension, in addition to One Za’abeel – featuring the world’s longest cantilever, called The Link – which will complete in 2021.

Commenting on The Ei8hty Ei8ht’s performance, Galadari said: “Despite the quiet rental market in Dubai, we have not seen any difficulty in renting out and we felt that rates, services, facilities, living environment, and the special building location have all added value to the tenant who lost no time to rent from us and perfectly took advantage of the situation.”

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Construction Week - Issue 751
Oct 13, 2019