Property in Dubai
Omniyat Properties rents out parking lots
In a bid to generate more revenue, Omniyat Properties, the property arm of Omniyat Holdings, has announced plans to rent out 4000 or more parking spaces in its commercial towers across the Business Bay.
The company will hand-over One Business Bay and Bayswater in Business Bay this year. This is the first time ever that a developer in Dubai, is seeking to cash in on the excess parking spaces.
The Executive Chairman of the company, Mehdi Amjad, said that two additional parking spaces have been built against the one sold to the buyer. Therefore, the company would lease out these spaces, through its portfolio management division.
The parking lots in the towers will include radio-frequency identification systems, direction to the respective parking slots, and across access to Omniyat’s portfolio.
However, the developer revealed that the division would be launched only by 2010. Although the company said that it doesn’t aim to build parking lots on a commercial basis in business districts, it has also not ruled out the possibility in future.
Off-late, several UAE-based firms are considering new ways to diversify their revenue generating streams, and overseas expansion is the most common path that the companies have arrived upon.
Posted on 5/5/2009