HAUS OF TENET

OVERVIEW

Haus of Tenet is a Grade A commercial office tower under development by IRTH in Business Bay, Dubai, with completion targeted for Q2 2028. The building is positioned as an art-themed workplace concept, integrating a curated gallery programme throughout shared spaces as a central design proposition. The development comprises ground plus five podium levels and fifteen dedicated office floors, accommodating 225 individually owned shell-and-core units in a cluster configuration with semi-private lobby access per cluster. A steel structural system minimises internal columns across the floor plates. The project is offered off plan at AED 4,200 per square foot on a 50/50 payment plan, entering a Business Bay submarket characterised by acute undersupply of Grade A office product.

OFFICE STOCK AND TENANT PROFILE

As an off-plan development currently under construction, Haus of Tenet does not have an established tenant profile at the time of writing. The planned configuration comprises 225 shell-and-core office units from approximately 796 to 8,597 square feet, with quarter-floor, half-floor, and full-floor options available through unit clustering. Floor-to-ceiling heights are specified at 4.2 metres — above the typical standard in Business Bay — with LEED Gold design, smart environmental controls, and column-free spans that align the building with the premium Grade A specification for which demand in Dubai materially exceeds current supply. The intended occupier profile is owner-occupiers, family offices, professional services firms, and funds seeking a premium freehold address in Business Bay.

RENTAL MARKET

As an off-plan development, Haus of Tenet has no established rental market at the time of writing. Indicative projections based on a gross yield approach suggest a conservative gross return of approximately 8 percent on acquisition price — approximately AED 350 per square foot per annum — a practical scenario of 10 percent (approximately AED 425 per square foot per annum) and an optimistic scenario of 12 percent (approximately AED 525 per square foot per annum). Commercial yields in Dubai are structurally higher than residential, supported by shorter lease cycles and strong occupier demand in a supply-constrained market. Actual returns will depend on market conditions at handover and quality of occupier secured. Independent rental appraisal is strongly recommended prior to any acquisition commitment.

SALES MARKET

Haus of Tenet is offered for sale off plan, with units priced from AED 4,200 per square foot on a 50/50 payment plan — instalments during construction with 50% due at Q2 2028 handover. The 225 strata units are individually titled, providing freehold ownership and post-handover transactability. Prospective purchasers should conduct due diligence on IRTH's track record, DLD project registration status, and escrow arrangements before committing funds. All off-plan purchases carry inherent delivery and timing risk. Independent legal review of the sales and purchase agreement is strongly recommended, as is specialist commercial property advice to assess the investment case at the offered price point before proceeding.

LOCATION AND ACCESS

Haus of Tenet is situated in Business Bay, with direct road access via Sheikh Zayed Road and Al Khail Road providing connectivity to central Dubai and the wider emirate. Business Bay Metro Station on the Red Line is accessible within a short walk, supporting staff commuting. Downtown Dubai and the Burj Khalifa complex are approximately five minutes by road; DIFC is approximately seven minutes. The Dubai Canal Promenade is in the immediate vicinity. Dubai International Airport is accessible within approximately twelve minutes by road. The surrounding area encompasses luxury hotels, residential towers, retail, and food and beverage provision characteristic of the established Business Bay commercial district.

RISKS AND WATCHPOINTS

As an off-plan development, Haus of Tenet carries construction and delivery risk: the Q2 2028 completion target is subject to change depending on contractor performance and regulatory approvals. Purchasers should confirm IRTH's delivery track record and verify the DLD escrow account structure before committing funds. The off-plan pricing — from AED 4,200 per square foot — is materially above prevailing Business Bay secondary market rates for completed strata product; the specification, art-brand concept, and executive amenity programme should be evaluated critically against this premium. Market conditions at the Q2 2028 handover date will determine achievable exit valuations and rental yields, both of which carry meaningful uncertainty at this stage.

STRATEGIC PERSPECTIVE

Haus of Tenet targets the premium segment of the Business Bay office market: owner-occupiers and investors for whom the art-themed brand identity, 4.2-metre ceilings, LEED Gold specification, and 60,000 square feet of executive amenity justify a price premium over completed secondary-market product. Dubai faces a structural undersupply of Grade A and premium commercial office space — vacancy in top-tier product has remained near historic lows, and the pipeline for comparable specification is constrained relative to demand growth, providing a constructive medium-term backdrop for premium off-plan investment. Performance will nonetheless depend on market conditions at Q2 2028 handover and on whether the art-brand concept translates into sustainable rental premiums. Conservative scenario modelling before committing is strongly advisable.