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Date: 03/10/2007


Developer expects to deliver 18 Jumeirah Lakes Towers this year

Dubai: The mixed-use Jumeirah Lakes Towers (JLT) freezone development in Dubai is nearing its first substantial batch of tower handovers, according to the project developer.

Construction is underway on 95 per cent of the 79 freehold towers at JLT, but only one has been handed over so far - Saba-1 tower - a Saba Properties JLT development.

The Dubai Multi Commodities Centre Authority (DMCCA), the master developer for JLT and licensing authority for businesses working on the project, expects construction on 18 towers to be completed this year, with a further 50-55 towers ready in 2008 and the remainder in 2009.

About 60 per cent of these will be commercial projects.

Bryan Wilson, executive director of property at DMCCA, said JLT plots are completely sold out, with an estimated investment of Dh25 billion.

"We only have one tower that is occupied. We anticipate 18 by the end of the year, so well have our first residential occupant, which will change the dynamics of the site from a construction site to a community within a construction site," he said

The latest tower to be launched in JLT is the 47-storey Saba-4 commercial tower, which is modelled on Emirates Towers and will add 74 office units to the market.

Located in the JLT Embankment area overlooking Jumeirah Islands, the tower will include over 20,000 square feet of retail space, with office sizes ranging from 2,900 to almost 14,000 square feet.

Designed and supervised by WS Atkins, it will be completed 24 months after the 2007 start date, which is yet to be confirmed.

Behrouz Javaheri, chairman of Saba Properties JLT, said sales will kick off soon after construction starts. The tower will be sold exclusively to end users.




Source: gulfnews.com

 
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