Construction of the Dh800 million Lake Central project in Dubai's Business Bay development is on target for completion by late 2009, said Chairman of Fakhruddin Properties.
The developer has also recently signed an agreement worth Dh177m with Dubai-based GCC (General Construction Company) to act as a construction partner on the project.
Akbar Fakhruddin, Chairman of Fakhruddin Group, said: "Now we are entering the next important stage of development. We can officially announce that GCC will partner us in the project. This is great news for everybody with an interest in Business Bay and will ensure that progress on Lake Central continues to be fast, efficient and of the highest quality."
Hamad Ali Lootah, Managing Director of GCC's parent company, Al Jazeerah Investment, said: "GCC and Al Jazeerah Investment are pleased to be involved in such a landmark scheme, which will serve the needs of local businesses and benefit the local community. Lake Central will be one of the region's most desirable business addresses and we look forward to playing our part in the successful completion of the project."
Lake Central's T-shaped design maximises the view over the Dubai creek. The 22-storey commercial tower has a remarkable T-shaped design to maximise use of space. Recent progress, following initial groundwork and site preparation, has been swift and includes completion of all shoring piles, excavations, site clearing, sonic and dynamic testing for foundation pilings and installation of on-site offices. The next phase, which covers substantial guniting work and finishing of several key areas of construction, is now under way.
"The first phase of development has gone exceptionally well and is in line with the company's ethos of producing desirable developments in an efficient manner to the very highest standards. We are on schedule for completion within our original time frame and are sure that our customers will find Lake Central to be perfect for their real estate needs," said Fakhruddin.
"Demand for real estate is growing rapidly in Dubai and Lake Central will help meet this need," he said.