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Qatar’s property market maturing well AFP’s project under highly accelerated construction plan Realty Capital announces completion of 5th podium of i-Rise |
Reef Commercial Tower is ready for occupancy
- February 2, 2009, 11:46 am
Reef Commercial Tower, developed by Reef Real Estate Investment, has recently finished construction and is ready for occupancy in the Jumeirah Lake Towers (JLT) district.
The G + 32 tower provides attractive office solutions for businesses seeking accessible commercial space and a stable investment opportunity.
Supporting the growth of JLT, Reef Commerical Tower offers Grade A freehold office space. The tower will house a luxury spa operated by WTS International - the renowned global spa management specialist - that also manages spas in the Trump International Hotel and Towers and the MGM Grand Detroit.
Commenting on the launch of the project Craig Johnson, Managing Director of Richmond Realty, the exclusive agent for the project, said:
‘The current property market is suffering due to the global economic crisis and many projects are on hold. In particular off-plan properties are grinding to a halt so being able to offer a finished project is a real coup.’
‘Now more than ever businesses need to consider strategic office locations that provide a solid return on investment over the long term. Given the location of Reef Commercial Tower and the flexible business opportunities offered by the JLT freezone, this property presents a very attractive proposition to investors,’ Johnson added.
According to industry analysts the Dubai property market is experiencing a notable shift away from the short-term speculative investor to owner-occupier long-term investors, making completed projects in good locations the prized pickings. Richmond Realty’s alignment with Reef Real Estate Investment is well positioned to cater to this market shift.
The 200 hectare JLT freezone is quickly establishing itself as an international commercial hub positioned on the main artery through Dubai, the Sheikh Zayed Road, and the new Metro system. It provides strategic business solutions that can be secured by any company after the approval of a business plan by the Dubai Multi Commodities Authority (DMCC).
Johnson pointed out, ‘As long as a company has a clear business model as part of its initial proposal and can prove that the offices will be a genuine working space the DMCC Authority will consider granting an operating license. Commercial businesses do not have to match free zone specifications as is widely thought, and it is necessary for this to be clarified now. The DMCC has simply implemented measures to stop ghost offices from being set up and left empty in its Jumeirah Lake Towers development.’
‘Reef Commercial Tower provides a solid commercial property opportunity and the DMCC offers businesses seeking offices an ideal gateway into the UAE’s commercial property market,’ he added.
Reef in conjunction with Richmond Realty is holding an official handover event on Thursday the 12th of February 7.30pm at the Reef Tower in Jumeirah lakes towers at which owners, investors and interested parties are invited to come and inspect the building.
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