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.
- 2014 and Dubai's realty: from euphoria to caution
- How will plunging oil prices affect Dubai's glittery real estate sector?
- Home prices in Israel makes making ends meet impossible for families
- Putting their eggs in tourists' baskets: why Dubai's real estate developers are shifting to hospitality
- Is Dubai's property market finally displaying 'affordable' tendencies?
- Emirates NBD completes 50 years since establishment as first national bank in the UAE
- Al Fajer Properties completes handover of its flagship Jumeirah Business Centre 1 to customers
- Jumeirah Lakes Towers successfully completes residential cluster
- Saba Real Estate lands new plot at Jumeirah Lakes Towers