Monday, January 4, 2010

Mystery investor splurges $12 mln on Burj Dubai


DUBAI (AFP)

A mystery investor logged onto a property website to buy office space worth 12 million dollars in the world's tallest tower being built in Dubai, the local press reported over the weekend.

The unidentified European investor bought more than 1,000 square meters (11,000 square-feet) of space on the 94th floor of Burj Dubai through the website of a local real estate company, daily newspaper Gulf News reported.

Burj Dubai is still under construction, but it overtook Taiwan's Taipei 101 tower as the world's tallest building when it reached 512 meters (1,533 feet) in June last year. Its eventual height remains a closely guarded secret.

Dubai is one of seven emirates that makes up the UAE federation and is positioning itself as a global hub for finance, leisure and transport.

A report published earlier in the week ranked Dubai as the eighth most expensive place in the world for office rental in 2007.

The survey, produced by commercial real estate services firm Cushman Wakefield, reported office space in the wealthy city-state cost about 1,350 dollars a square meter.

London was the most expensive place to rent office space last year at around 3,248 dollars a square meter.