Jumeirah Lakes Towers 60% Complete
About 60 per cent of the Jumeirah Lake Towers (JLT) development has been completed, Dubai Multi Commodities Centre (DMCC), the community's master developer and operator, said on Monday.
This milestone was achieved after Armada Group, a sub-developer, completed the third tower in its mixed-use cluster.
"The 50th tower is an important milestone towards making JLT the full-fledged, mixed use community that we had envisaged back in 2002," Ahmad Bin Sulayem, Executive Chairman of DMCC, said.
JLT is a residential and commercial development enjoying the rare status of freehold and free zone. Once completed, the development will comprise 87 towers. Almas Tower, the DMCC's headquarters, also houses the Diamond Exchange, and is the centrepiece of the community.
No fixed date
The master developer could not give an exact date when the remaining 37 towers would be completed, but is working closely with all sub-developers.
"At present, we do not know of any towers being cancelled and we will be keeping investors and media abreast of all development decisions as they happen," a DMCC spokesperson told Gulf News.
To complete the waterfront living environment, the master-plan envisages keeping as many clusters intact as possible so residents will get the feeling of living in a waterfront community.
DMCC stressed that it requires close co-operation with the tower sub-developers to complete the community. "DMCC is working to complete the infrastructure as the towers are being built. Landscaping is progressing in clusters across the development, with the current focus being on the lakeside landscaping. Roadside landscaping has also commenced," the spokesperson said.
Three of the four lakes have been filled, with the fourth and final lake due for completion and filling in the fourth quarter of 2010, he added.
"Retail shops have opened up with more amenities, including new hotels. Supermarkets are also under construction."
The master developer reports residential tower occupancies of 90 per cent upwards, and over 2,300 licences have been granted to businesses.