AHS Transforms Shangri-La Dubai into Two Office Towers Worth $1.3 Billion
AHS Properties plans to transform the Shangri-La Dubai hotel into two office towers valued at $1.3 billion, with expected completion in 2028 and over 30% of space already reserved.
AHS Properties intends to transform the Shangri-La Dubai hotel, which it acquired in June for AED 1.1 billion, into the $1.3 billion "AHS Twin Towers" office project.
The project aims to provide Grade A office space in Dubai and is designed by global architecture firm Gensler, with expected completion in 2028.
The company's CEO, Abbas Sajwani, as reported by Khaleej Business Insight citing Gulf Business and Bloomberg, stated that over 30% of the office space has been reserved prior to completion.
Zawya agency reported the same project details, which is being developed following the acquisition of the hotel last June.
What do these terms mean?
Grade A Offices: Modern office spaces in central locations, characterized by high construction specifications and integrated services, typically being the highest priced in the market.
Real Estate Development: The process of purchasing land or a building and then rebuilding, converting, or fitting it out to become a new property available for sale or lease.
Pre-booking: An agreement to lease or purchase space prior to project completion, securing the price and location early for the tenant.
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