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Jumeirah Lakes Towers touches AED2.5 billion in investment

- December 11, 2006, 9:10 pm

Jumeirah Lakes Towers touches AED2.5 billion in investment

The launch of Jumeirah Business center - 5 (JBC-5), takes the cumulative investment of the Group in Jumeirah Lakes Towers community to AED 2.5 billion.

Al Fajer Properties, a member of Al Fajer Enterprises established in Dubai in 1965 by its Group President His Highness Sheikh Hasher Bin Maktoum Al Maktoum today launched the fifth in the series of Jumeirah Business Center (JBC) towers located at the Jumeirah Lakes Towers and announced sale of over 75 per cent of the project at the just concluded Cityscape 2006.

Unveiling Jumeirah Business Center-5 and commenting on the overwhelming investor response to the project, senior officials of Al Fajer Properties said the new development has been launched following the tremendous success of the signature development Jumeirah Business Center 1, 2, 3 and 4, which have been sold out in record time.

Dr.Shahram Abdullah Zadeh, Chief Executive Officer, Al Fajer Properties said: ‘The launch of Jumeirah Business Centre 5 is aimed at meeting the deficit for quality world-class office space in Dubai in the backdrop of the rapid growth in business and economic expansion. Jumeirah Business Centre 5 follows a careful evaluation of the needs of the growing business community in Dubai in an expanding economic growth that we are experiencing in the next five years. Jumeirah Lakes Towers being a declared free zone, guarantees investors to benefit from 100 per cent ownership of their businesses and tax free environment.’

He said the record sale of Jumeirah Business Centre 5 units was a significant indicator of the success of the Jumeirah Business Centre brand and the continuing upsurge in demand for world-class commercfial office space. Al Fajer Properties Jumeirah Business Centre 5 also comes with a unique financing option whereby the developer will provide a short-term loan of up to 70 per cent of the value of the investment interest-free pre-approved. The initial booking amount for investment is 10 per cent and the cost per square feet starts from AED1,200.

Al Fajer Enterprises has rapidly grown to a diversified business entity delivering high quality service to its wide range of clients. With more than 12,000 employees, the group’s business interests over the past 40 years include a leading Construction Company, Property maintenance and management company, engineering and consultancy, international fairs & exhibitions, manufacturing, travel, tourism & cargo, pharmaceuticals, general trading and investment and developments.

Commenting further, Dr.Shahram said, ‘One of the reasons the first four Jumeirah Business Centre Towers were sold out so fast is due to the advanced stage of the infrastructure of Jumeirah Lakes Towers. Investors today are very well informed of the market situation and are ready to invest in projects with infrastructure in place from a developer with strong credentials and previous construction experience.’

Commenting on the pre-approved finance, Dr. Shahram, said: ‘This unique financing option has been conceived with the aim of facilitating hassle-free investments into Jumeirah Business Centre 5. The loan scheme has simplified procedures and investors do not need worry about myriad documentation procedures typically associated with sourcing loans.’

‘The demand for commercial office space is soaring and Jumeirah Business Centre 5 with its ultra modern facilities is being developed as a one-of-its-kind destination for businesses in Dubai and the region. The trend among the business community to have their own office space has become a major attraction and Jumeirah Business Centre 5 is the only commercial development in Dubai with a pre-approved finance scheme.’Dr. Shahram said.

Highlighting Al Fajer properties’ investment, Ahmed Bin Sulayem Chief Operating Officer- Dubai Multi Commodities Centre ( COO- DMCC) , said, ‘The Jumeirah Business Center Towers with its cutting edge architectural design and technological concepts will add to the reputation of Jumeirah lakes Towers as the most sought after investment opportunity. We are delighted to have one of Dubai’s most reputable groups like Al Fajer as our biggest investors.’

‘Thanks to Nakheel and Dubai Multi Commodities Centre Management, Jumeirah Lakes Towers has become undoubtedly the best master plan amongst Dubai’s most impressive projects. The advanced stage of infrastructure and continuous efforts in introducing innovative ideas to ensure the superiority of Jumeirah Lakes Towers Community are a few reasons why Jumeirah lakes Towers is the most popular investment opportunity for developers and purchasers alike’ Dr. Shahram added.

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