Al Fajer delivers first tower at Jumeirah Business Centre
Sunday, November 29, 2009
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The first tower, Jumeirah Business Centre 2 of Jumeirah Business Centre development by Al Fajer Properties at the Jumeirah Lakes Towers has been delivered, following restructuring of the company.
The process of re-structuring focused on the liabilities of Dh.4bn by the company and Dh.200-Dh.400billion debt, liquidating its land bank worth Dh.800mn, appointing a new management team and reducing its workforce by 30 percent. The total value of mitigated risk was brought down to Dh.3billion.
According to Shaikh Maktoum Bin Hasher Al Maktoum, CEO of Al Fajer, the construction plan by the company was accelerated to a four-day cycle per floor for phase one, comprising towers one to five of its nine commercial towers.
The development comprises nine towers on the whole, and will cater to both large local and multinational companies. The freehold offices cover a leasable area of 3.6mn square feet.
The handover of units in phase one has been going on, while the phase two comprising four towers will be completed in 2011. So far about 70 percent of the inventory has been sold.
Shaikh Maktoum revealed that the prices for units in the towers have grown from Dh.800 per square foot two months ago to Dh.1200 per square foot on inauguration.
He said that the company is expecting a maximum 50 percent default rate and minimum 20 to 30 percent rate. To counteract the problem, Al Fajer is offering discount packages to investors.
According to Sheikh Maktoum, Dubai still holds a competitive edge when it comes to commercial space.
Moreover, labour accommodation and overheads are cheap, which is advantageous to Dubai, he adds.
The process of re-structuring focused on the liabilities of Dh.4bn by the company and Dh.200-Dh.400billion debt, liquidating its land bank worth Dh.800mn, appointing a new management team and reducing its workforce by 30 percent. The total value of mitigated risk was brought down to Dh.3billion.
According to Shaikh Maktoum Bin Hasher Al Maktoum, CEO of Al Fajer, the construction plan by the company was accelerated to a four-day cycle per floor for phase one, comprising towers one to five of its nine commercial towers.
The development comprises nine towers on the whole, and will cater to both large local and multinational companies. The freehold offices cover a leasable area of 3.6mn square feet.
The handover of units in phase one has been going on, while the phase two comprising four towers will be completed in 2011. So far about 70 percent of the inventory has been sold.
Shaikh Maktoum revealed that the prices for units in the towers have grown from Dh.800 per square foot two months ago to Dh.1200 per square foot on inauguration.
He said that the company is expecting a maximum 50 percent default rate and minimum 20 to 30 percent rate. To counteract the problem, Al Fajer is offering discount packages to investors.
According to Sheikh Maktoum, Dubai still holds a competitive edge when it comes to commercial space.
Moreover, labour accommodation and overheads are cheap, which is advantageous to Dubai, he adds.
Labels: Al Fajer, Jumeirah-Lake-Towers
JLT is not officially a free zone, says Dubai Municipality
Saturday, October 24, 2009
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The Dubai Municipality's latest statement regarding the free-zone status of Jumeirah Lake Towers (JLT) has marred the hopes of several thousands of residents who were under the hope of gaining housing fee exemptions.
According to an official at the Municipality, the status of JLT needs to be clarified by a decree, and that free zone claims by a developer does not imply exemption of housing fee for its residents.
The Head of Housing Fee Section at the Dubai Municipality, Abdullah Hashim, confirmed that JLT is not officially a free zone.
The residents of towers in the 'mini-Manhattan' around the man-made lakes by Nakheel have been questioning about housing fee exemption to the developer.
"Although several areas have been claimed to be free zones, they are not free zones. Media reports had stated that the free zone areas are exempt from housing fee, and JLT has been wrongly named as a free zone. But, we never said that, and this has created lot of confusion. None of the buildings there are considered to be part of a free zone," Hashim said.
He added that municipality is however, waiting for a list which could clearly stipulate the areas designated as free zones. The concerned authorities are likely to come up with such a list shortly.
According to an official at the Municipality, the status of JLT needs to be clarified by a decree, and that free zone claims by a developer does not imply exemption of housing fee for its residents.
The Head of Housing Fee Section at the Dubai Municipality, Abdullah Hashim, confirmed that JLT is not officially a free zone.
The residents of towers in the 'mini-Manhattan' around the man-made lakes by Nakheel have been questioning about housing fee exemption to the developer.
"Although several areas have been claimed to be free zones, they are not free zones. Media reports had stated that the free zone areas are exempt from housing fee, and JLT has been wrongly named as a free zone. But, we never said that, and this has created lot of confusion. None of the buildings there are considered to be part of a free zone," Hashim said.
He added that municipality is however, waiting for a list which could clearly stipulate the areas designated as free zones. The concerned authorities are likely to come up with such a list shortly.
Labels: Freezones, Jumeirah-Lake-Towers
Tamweel Tower at Jumeirah ready for handover
Saturday, July 04, 2009
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One of the largest real estate finance provider in the UAE, Tamweel PJSC, today announced that its building project at the Jumeirah Lakes Towers, the Tamweel Tower, has been completed. Tamweel has begun the handover of units to their respective owners.
Positioned in a prime location in Jumeirah Lakes Towers, the Tamweel Tower is situated on the North Eastern corner of Jumeirah Lakes Towers. The 34-storey tower includes a range of residential, commercial and retail spaces, with about 160 luxurious apartments, 5 retail shops on the ground floor, 16 office spaces in the first to fourth floors with dedicated entrance and elevators.
The residential apartment complex, comprises double and triple bedroom apartments from the 5th to 33rd floor. The tower also includes a range of amenities such as state-of-the-art gymnasium, swimming pool, steam, sauna, Jacuzzi and multipurpose closed area on the top floor.
The CEO of Tamweel Home Finance Division, Varun Sood, mentioned that Tamweel Tower offers a great environment for living. It is pleased to deliver the units to owners and offer them with the opportunity to live their dream home in Jumeirah Lakes Towers.
The Jumeirah Lakes Towers is a distinguished community in the heart of New Dubai, adjacent to Sheikh Zayed Road. The dynamic waterfront community surrounds the wonderful residential and office towers and hotels and retail outlets.
The four man-made lakes offers stunning views from all around, making the Jumeirah, one of the most sought-after communities in Dubai. The two metro stations will offer more convenient access with easy commutation for residents.
Positioned in a prime location in Jumeirah Lakes Towers, the Tamweel Tower is situated on the North Eastern corner of Jumeirah Lakes Towers. The 34-storey tower includes a range of residential, commercial and retail spaces, with about 160 luxurious apartments, 5 retail shops on the ground floor, 16 office spaces in the first to fourth floors with dedicated entrance and elevators.
The residential apartment complex, comprises double and triple bedroom apartments from the 5th to 33rd floor. The tower also includes a range of amenities such as state-of-the-art gymnasium, swimming pool, steam, sauna, Jacuzzi and multipurpose closed area on the top floor.
The CEO of Tamweel Home Finance Division, Varun Sood, mentioned that Tamweel Tower offers a great environment for living. It is pleased to deliver the units to owners and offer them with the opportunity to live their dream home in Jumeirah Lakes Towers.
The Jumeirah Lakes Towers is a distinguished community in the heart of New Dubai, adjacent to Sheikh Zayed Road. The dynamic waterfront community surrounds the wonderful residential and office towers and hotels and retail outlets.
The four man-made lakes offers stunning views from all around, making the Jumeirah, one of the most sought-after communities in Dubai. The two metro stations will offer more convenient access with easy commutation for residents.
Labels: Jumeirah, Jumeirah-Lake-Towers, Tamweel
Al Mazaya maintains timely delivery of Icon Towers at Lake Jumeirah
Thursday, February 12, 2009
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One of the leading property companies in the region, Al Mazaya Holding, has maintained its schedule of delivering 800 residential units at the Icon 1 and Icon 2 projects at Lake Jumeirah.
Al Mazaya has put in lot of effort, to ensure timely delivery of these properties to the owners in early 2009. It has assured that the other projects by the company will also be delivered within two years, thereby contributing its bit to the target of Dubai market to receive 70,000 residential units during 2009-10.
The Icon 1 and Icon 2 are the first projects to be completely sold out at Lake Jumeirah, although 120 other residential towers are also underway. Both Icon 1 and Icon2 residential towers comprise a total of 400 units that overlook the Jumeirah Lake on one side, and Jumeirah Islands on the other.
Fathi Dhamiri, SVP Projects at Mazaya Dubai, mentioned that despite the challenges faced during the development of the tower, all obstacles have been overcome, and the project has been scheduled in time.
Dhamiri mentioned that the timely delivery of these residential units implies the company's commitment towards its clients, and added that, Al Mazaya is currently developing three commercial towers, called Business Avenue for the business class in the area. Currently Business Avenue is 50 percent complete, and the units will be handed over towards end of 2010.
Dhamiri also did mention that the project is strongly supported by the Dubai Government, and that it is the first to be developed on Lake Jumeirah.
One of the leading property companies in the region, Al Mazaya Holding, has maintained its schedule of delivering 800 residential units at the Icon 1 and Icon 2 projects at Lake Jumeirah.Al Mazaya has put in lot of effort, to ensure timely delivery of these properties to the owners in early 2009. It has assured that the other projects by the company will also be delivered within two years, thereby contributing its bit to the target of Dubai market to receive 70,000 residential units during 2009-10.
The Icon 1 and Icon 2 are the first projects to be completely sold out at Lake Jumeirah, although 120 other residential towers are also underway. Both Icon 1 and Icon2 residential towers comprise a total of 400 units that overlook the Jumeirah Lake on one side, and Jumeirah Islands on the other.
Fathi Dhamiri, SVP Projects at Mazaya Dubai, mentioned that despite the challenges faced during the development of the tower, all obstacles have been overcome, and the project has been scheduled in time.
Dhamiri mentioned that the timely delivery of these residential units implies the company's commitment towards its clients, and added that, Al Mazaya is currently developing three commercial towers, called Business Avenue for the business class in the area. Currently Business Avenue is 50 percent complete, and the units will be handed over towards end of 2010.
Dhamiri also did mention that the project is strongly supported by the Dubai Government, and that it is the first to be developed on Lake Jumeirah.
Tiger's Jumeirah Lakes Tower project delivered
Monday, November 10, 2008
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Tiger Properties has announced the delivery of its 40 storey Jumeirah Lakes Tower project in New Dubai.
Located right in front of Dubai Metro Station, and located within just a walking distance from Almas Tower, which houses the region's only Dubai Diamond Exchange.
The newly formed facilities management branch of the company intends to serve 500,000 square feet of development. The facilities management forms a part of the expansion plans by the group. It is expected to serve the mounting requirements of the entire group including the tenants, investors, and Tiger's clients for providing high quality management and maintenance services to units delivered.
The Jumeirah Lake Tower project by Tiger aims to accommodate the most stringent requirements of its location and its residents.
The completion of this high-calibre project is proof of Tiger's commitment towards timely delivery, and it is just one of the several towers to be completed within the year, said Taha Mohammed, the CEO of Tiger Properties.
Located right in front of Dubai Metro Station, and located within just a walking distance from Almas Tower, which houses the region's only Dubai Diamond Exchange.
The newly formed facilities management branch of the company intends to serve 500,000 square feet of development. The facilities management forms a part of the expansion plans by the group. It is expected to serve the mounting requirements of the entire group including the tenants, investors, and Tiger's clients for providing high quality management and maintenance services to units delivered.
The Jumeirah Lake Tower project by Tiger aims to accommodate the most stringent requirements of its location and its residents.
The completion of this high-calibre project is proof of Tiger's commitment towards timely delivery, and it is just one of the several towers to be completed within the year, said Taha Mohammed, the CEO of Tiger Properties.
Labels: Jumeirah-Lake-Towers, New-Dubai
MAG 214 apartments at Jumeirah Lakes handed over to residents
Saturday, April 26, 2008
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The Dubai-based real estate firm, MAG Group Property Development, has handed over the keys to residents of 306 apartments and penthouses at the MAG 214 building at Jumeirah Lakes Tower development on the Sheikh Zayed Road in Dubai.
MAG 214 is one of the several competitively budgeted buildings developed by the company to cater to the mid-range market, which is quite appealing to Dubai’s middle income families.
The 40 storey high-rise building tower with a structural height of 155mts, was completed in 2007, and comprises 312 apartments. Situated above Jumeirah Lakes, MAG 214 offers the lending edge of contemporary design to one of the most sought after residential developments in Dubai.
Each single, double and triple bedroom and penthouse apartment in the building is designed in a unique manner, allowing the resident's choice of living space to reflect their individual style. All apartments including the duplexes and penthouses are fitted with panoramic floor-to-ceiling windows. The landscaped gardens in the building include a swimming pool and children's pool.
The CEO of Mag Group Property Development, Mohammed Nimer, said "We excel in designing, finishing and customer satisfaction, and focus on delivering our promises."
Jumeirah Lakes Towers is a dynamic waterfront development with residential and office towers, apart from leisure, hotels and retail outlets.
MAG 214 is one of the several competitively budgeted buildings developed by the company to cater to the mid-range market, which is quite appealing to Dubai’s middle income families.
The 40 storey high-rise building tower with a structural height of 155mts, was completed in 2007, and comprises 312 apartments. Situated above Jumeirah Lakes, MAG 214 offers the lending edge of contemporary design to one of the most sought after residential developments in Dubai.
Each single, double and triple bedroom and penthouse apartment in the building is designed in a unique manner, allowing the resident's choice of living space to reflect their individual style. All apartments including the duplexes and penthouses are fitted with panoramic floor-to-ceiling windows. The landscaped gardens in the building include a swimming pool and children's pool.
The CEO of Mag Group Property Development, Mohammed Nimer, said "We excel in designing, finishing and customer satisfaction, and focus on delivering our promises."
Jumeirah Lakes Towers is a dynamic waterfront development with residential and office towers, apart from leisure, hotels and retail outlets.
Labels: Apartments, Jumeirah-Lake-Towers, Residential
DMCC completes delivery of Almas Tower offices
Saturday, January 12, 2008
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Dubai Multi Commodities Center (DMCC) has completed the delivery of offices in the Almas Tower to its diamond sector members. This move was initiated to establish a diamond industry cluster in Dubai.
The Almas Tower is DMCC's flagship tower, located within the Jumeirah Lakes Towers development, built to cater to the particular needs of the diamond industry.
During a ceremony held yesterday at Monarch Hotel in Dubai, the keys were handed over to member companies, who are to occupy the 3-20 of Almas Tower. It is up to the clients now, to complete their individual fit outs prior to occupying their new offices.
The Almas Tower marks a major step forward towards realizing the objectives of DMCC to establish a dedicated market place, providing industry-specific market infrastructure, and a range of amenities for diamond trade in Dubai. The Almas Tower will offer an entire range of diamond trade related facilities, and will house the Dubai Diamond Exchange, the one and only diamond exchange in the region, said Ahmed bin Sulayem, the DMCC Executive Chairman.
The remaining phases of the tower will be handed over during the next couple of months.
Dubai Multi Commodities Center (DMCC) has completed the delivery of offices in the Almas Tower to its diamond sector members. This move was initiated to establish a diamond industry cluster in Dubai.The Almas Tower is DMCC's flagship tower, located within the Jumeirah Lakes Towers development, built to cater to the particular needs of the diamond industry.
During a ceremony held yesterday at Monarch Hotel in Dubai, the keys were handed over to member companies, who are to occupy the 3-20 of Almas Tower. It is up to the clients now, to complete their individual fit outs prior to occupying their new offices.
The Almas Tower marks a major step forward towards realizing the objectives of DMCC to establish a dedicated market place, providing industry-specific market infrastructure, and a range of amenities for diamond trade in Dubai. The Almas Tower will offer an entire range of diamond trade related facilities, and will house the Dubai Diamond Exchange, the one and only diamond exchange in the region, said Ahmed bin Sulayem, the DMCC Executive Chairman.
The remaining phases of the tower will be handed over during the next couple of months.
Labels: Jumeirah-Lake-Towers, Office Space, Real Estate News
ETA Star delivers new mixed-use realty development 'The Palladium'
Thursday, November 29, 2007
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A leading UAE realty developer, ETA Star, has announced the delivery of the luxury mixed-use development 'The Palladium' at Jumeirah Lakes Towers on Sheikh Zayed Road, Dubai.
The luxury development, which features 34-storey office and retail and residential complex with single, double and triple bedroom apartment and penthouses, has been handed over to the respective owners.
Located in the heart of Jumeirah Lakes Towers, 'The Palladium' captures the charm and essence of sophisticated lakeside lifestyle. Spreading over half a million square feet in area, it is a state-of-the-art high-rise development, comprising coffee shops, restaurants, and boutiques in the lobby.
The Executive Director of ETA Star, Abid Junaid, mentioned that 'The Palladium' being, one of its major projects, the company has been able to keep up its promise, thereby deeply enrooting the trust that the customers have placed on the company.
The luxury development, which features 34-storey office and retail and residential complex with single, double and triple bedroom apartment and penthouses, has been handed over to the respective owners.Located in the heart of Jumeirah Lakes Towers, 'The Palladium' captures the charm and essence of sophisticated lakeside lifestyle. Spreading over half a million square feet in area, it is a state-of-the-art high-rise development, comprising coffee shops, restaurants, and boutiques in the lobby.
The Executive Director of ETA Star, Abid Junaid, mentioned that 'The Palladium' being, one of its major projects, the company has been able to keep up its promise, thereby deeply enrooting the trust that the customers have placed on the company.
Labels: ETA-Star, Jumeirah-Lake-Towers, Luxury Homes
The Jumeirah Lake Towers at Dubai Marina
Sunday, October 07, 2007
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The Jumeirah Lake Towers is yet another development, situated across the Dubai Marina development, equally impressive in size, comprising high-rises that are scattered around the man-made lakes. The buildings depict a range of residential and commercial freehold properties, marking an extension of growing business community in Dubai.
There will be a total of 87 towers, most of which are either under construction, or to be completed soon, and will be situated among four purpose built manmade landscaped gardens. Residents will get to catch a glimpse of newest part of Dubai, including the freehold communities like Emirates Living that are nearby.
The upcoming towers of the development include the Al Seef, Lake Plaza, Armada, Concorde Tower, Al Waleed, Dubai Arch, Dubai Gate, Falcon Tower, Flamingo, Fortune Executive, Fortune Tower, Global Lake, Goldcrest Views, Green Lakes towers, HDS Tower, Indigo, Laguna Tower, Lake City, Lake Shore Tower, Lake Terrace, Lake View, Madina Tower, Manchester Tower, Ocean Heights, Palladium, Saba Tower, Tamweel Tower, The Icon, Vista de Lago, Vue du Lac and Wind Tower.
Jumeirah Lake Tower aims to combine working and living in perfect harmony. All the buildings have good finishing, and offer the best in services and amenities. The commercial buyers can rest assured of excellent office accommodation that is hundred percent secure, and good services from the neighbouring facilities. Residents too, get to enjoy good amenities within their buildings, from swimming pools to gymnasiums, to saunas to conference centers.
A waterfront promenade surrounds the towers, where the working community and the residents get to enjoy an extensive range of outdoor restaurants and cafes all through the day and until late in the night. Retail outlets will also be easily available, to ensure all essential provisions are available on fingertips for the residents in the development.
There will be a total of 87 towers, most of which are either under construction, or to be completed soon, and will be situated among four purpose built manmade landscaped gardens. Residents will get to catch a glimpse of newest part of Dubai, including the freehold communities like Emirates Living that are nearby.
The upcoming towers of the development include the Al Seef, Lake Plaza, Armada, Concorde Tower, Al Waleed, Dubai Arch, Dubai Gate, Falcon Tower, Flamingo, Fortune Executive, Fortune Tower, Global Lake, Goldcrest Views, Green Lakes towers, HDS Tower, Indigo, Laguna Tower, Lake City, Lake Shore Tower, Lake Terrace, Lake View, Madina Tower, Manchester Tower, Ocean Heights, Palladium, Saba Tower, Tamweel Tower, The Icon, Vista de Lago, Vue du Lac and Wind Tower.
Jumeirah Lake Tower aims to combine working and living in perfect harmony. All the buildings have good finishing, and offer the best in services and amenities. The commercial buyers can rest assured of excellent office accommodation that is hundred percent secure, and good services from the neighbouring facilities. Residents too, get to enjoy good amenities within their buildings, from swimming pools to gymnasiums, to saunas to conference centers.
A waterfront promenade surrounds the towers, where the working community and the residents get to enjoy an extensive range of outdoor restaurants and cafes all through the day and until late in the night. Retail outlets will also be easily available, to ensure all essential provisions are available on fingertips for the residents in the development.
Labels: Apartments, Jumeirah-Lake-Towers, Luxury Homes, Real Estate Projects
