According to Al-Bayan newspaper, the UAE's largest property management company, Asteco Property Management LLC Dubai, started to destroy the World Trade Center Hotel to build in its place the World Trade Center Residence Project, which is one of the most modern real estate projects in Dubai.
The World Trade Centre Residence, due for completion in December 2007, will house 349 upscale apartments, and officials say that several of the properties, available on 99-year, lease contracts, have already been sold to handpicked clients.
The elegant 38-storey building is based on a concept by top international architect Hazel Wong, whose UAE portfolio also includes the brand new Dubai Federal Aviation Headquarters, Emirates Towers, and the National Bank of Dubai building. The World Trade Centre Hotel will be demolished in 2005. With offices in Dubai, Abu Dhabi, Sharjah and Al Ain, Asteco has taken a leading role in the U.A.E. property market and offers a range of services.
