The Lam Tara Towers, a mixed-use twin-tower development on Shaikh Zayed Road was launched earlier this week by the Dubai-based Bin Manana Investment Group.
The 68,000 square foot project will feature 60 floors of office space in the commercial tower and 70 floors of luxury one, two and three bedroom apartments, duplexes and penthouses in the second tower, as well as 1,600 car parking spaces, according to Gulf News.
The Lam Tara Towers project represents the 10-year-old company's first foray into real estate development.
"There is significant demand for commercial space in Dubai and we believe we are offering something different in the residential market," said Tarek Ameen, the company's marketing director, adding that it was the right time to launch new project despite rumors of a correction in the luxury residential property market.
"It's a twin tower located in an already established area of Dubai and offers residents a chance to live and work in the same place, meaning they won't suffer with traffic."
The Dubai-based Albinaa Project Management will serve as the engineering project managers, while building design is being led by Dimensions Engineering Consultants. Construction will begin next January and will be completed in three years.