Jumeirah Lakes Towers celebrates the completion of its 50th Tower
Dubai Multi Commodities Centre (DMCC), the operator of the Jumeirah Lakes Towers ('JLT'), the fastest growing free zone in Dubai, announced the completion of its 50th tower, the Armada Tower P2 ('Armada Tower'), part of the Armada Group portfolio.
The completion of the Armada Tower P2, a commercial tower, completes the three tower mixed-use development, offering residential, commercial and retail facilities. Towers P1 and P3 were completed earlier in the year. Residential occupancy is already taking place and large number of retail shops have opened their doors to customers and businesses.
"The 50th tower is an important milestone towards making JLT the fully-fledged, mixed use community that we had envisaged back in 2002," said Ahmed Bin Sulayem, Executive Chairman of DMCC. "We have been working hard on developing the infrastructure within JLT and it is a testament to the effort of our team and partners that over 60 per cent of the community has been completed. DMCC has a sustainable growth strategy which continues to show robust growth. Today, DMCC member companies with licenses to operate their businesses in the JLT Free Zone total over 2,300, while the residential towers have upward of 90 percent occupancies."
JLT is a mixed-use free zone in Dubai with freehold property options, and will have a total of 87 towers when fully operational. Almas Tower, the crowning centrepiece of the community, will be surrounded by 78 towers clustered in groups of three connected by four lakes and landscaped gardens, while eight towers will be located on the JLT embankment.
- The UAE-Egypt Affair: Behind the scenes of Cairo's $40 billion housing initiative
- Revealed: Dubai's $300 million Green "Oasis"
- Why Dubai's housing market is more riskier than we thought
- Kuwait: Investment sector continues to lead real estate sales
- Why GCC nationals are rushing to buy property in this unexpected MENA country