Al Fajer Properties completes handover of its flagship Jumeirah Business Centre 1 to customers

Press release
Published May 17th, 2011 - 07:45 GMT

Leading commercial real estate developer, Al Fajer Properties (AFP), today announced that its first commercial tower in its Jumeirah Business Centre (JBC) series has been handed over to customers. JBC 1 represents the flagship tower for the developer in the 9 tower JBC series located in the heart of the Jumeirah Lakes Towers (JLT) free-zone.

The handing over of the 180 meter high JBC1 commercial tower is a major milestone for AFP and is an endorsement of AFPs successful and prudent strategy of restructuring its business model at the beginning of the real estate downturn to focus on delivering projects within the committed timeframe.

His Highness Sheikh Maktoum Hasher Al Maktoum, President of Al Fajer Properties, commenting on the milestone said: “The handing over of JBC1 is a significant achievement for us and vindicates the strategy we adopted in 2008 to restructure our management and business to enable us to focus on our core commitment of delivering projects on time. The delivery of the JBC1 is the result of three years of dedicated hard work by Al Fajer.”

Continuing he said, “The restructuring has helped AFP to deliver on its contractual obligations of developing the JBC developments. In record time AFP has completed five of its nine towers in the JLT community, constructing over 200 floors in 18 months.”

The company’s restructuring, including the liquidation of AED 1 billion worth of land bank, after HH Sheikh Maktoum took over the management during the initial days of the financial crisis helped AFP shore up its balance sheet by AED 3.2 billion and focus on its goal of accelerated development of the JBC towers.

“For Al Fajer Properties, it was equally important to be superior and consistent in our quality benchmarks as it was to adhere to contractual obligations and JBC1 reflects this focus in its exquisite design and finishes. We have taken pains to ensure that JBC1 is made to perfection in its aesthetic appeal, functionality and modern amenities so that the development offers investors the best corporate address in the JLT community,” HH Sheikh Maktoum said.

The 44 floor JBC1 tower has an area of 546,000 square feet of commercial space including premium commercial floors with dedicated lifts. It has refined and distinctive exterior, beautiful lobby interiors and panoramic lifts. The development offers an excellent view of the skyline of the new residential and business district of Dubai flanking Sheikh Zayed Road with excellent views across the Marina and Jumeirah beachfront.

“AFP believes that handing over JBC1 to end users will also endorse the fact that there is a salient resonance of a gradual revival in the real estate and property market of Dubai,” HH Sheikh Maktoum said.

AFP has recently announced the introduction of an aftermarket services for the JBC project as part of its end-to-end commitment to its investors, making it a first-of-its-kind developer to offer its support to buyers in a finished and sold out property.

Background Information

Al Fajer Properties

Al Fajer Properties (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank. The company is currently in the process of developing its flagship project which consists of 9 commercial and residential towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become as a leading player in the real estate market.

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