Dubai property scheme moves a step closer to completion

Wednesday, September 29, 2010

Dubai property scheme moves a step closer to completion

The 50th tower in the Jumeirah Lakes Towers community, the fastest growing free zone in Dubai, has been completed.

The Armada Tower P2 (Armada Tower) is part of a three tower mixed-use development, featuring apartments, commercial and retail facilities. Towers P1 and P3 were completed earlier this year.

The success of mega schemes like Jumeirah Lakes Towers is seen as key to the recovery of the once booming Dubai property market.

“The 50th tower is an important milestone towards making Jumeirah Lakes Towers the fully-fledged, mixed use community that we had envisaged back in 2002,” said Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre, the operator of the Jumeirah Lakes Towers.

Bin Sulayem adds: “We have been working hard on developing the infrastructure within Jumeirah Lakes Towers and it is a testament to the effort of our team and partners that over 60 per cent of the community has been completed.”

The residential towers in Jumeirah Lakes Towers currently have upward of 90 per cent occupancies, according to Bin Sulayem.

Jumeirah Lakes Towers is a mixed-use free zone in Dubai with freehold property options, and will have a total of 87 towers when fully operational.

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