The Dubai Multi Commodities Centre (DMCC) announced yesterday that its Jumeirah Lakes Towers (JLT) community development is progressing as per schedule, and is on track for completion in 2011. Twenty-five towers are ready for handover by the first half 2009.
Ahmed bin Sulayem, Executive Chairman, DMCC, also inaugurated the project's first lake, which covers more than 51,600 square metres and has a capacity of 103,200 cubic metres. The first of four man-made lakes planned for the project was officially named Zafeer, meaning sapphire in Arabic.
"Despite global industry challenges, JLT has been steadily moving ahead and boosting confidence among developers and investors, underscoring the sound fundamentals that support the growth of Dubai's real estate sector," said Bin Sulayem.
Jumeirah Lakes Towers, the mixed-use, real estate development situated along Sheikh Zayed Road in the New Dubai area, is fully owned and managed by the Dubai Multi Commodities Centre Authority.
A 200-acre mixed-use development, JLT was conceptualised with the intention to fulfil DMCC's mandate to provide physical infrastructure for commodities-related businesses and it is a free zone freehold community.
The Almas Tower (diamond in Arabic) provides comprehensive services for the region's diamond, coloured gemstones and pearls industry under one roof and also houses the corporate offices of the DMCC.
JLT comprises 87 towers dedicated to offices, residences, hotel apartments and hotels, with 78 of them in clusters of three around the Almas Tower.
It is currently a community under development with 25 towers completed, 25 more for completion in 2009 and 27 towers expected to be completed in 2010.
Bryan Wilson, Executive Director - Properties at DMCC, said: "We are also focussing on the development of community spaces including three more lakes, outdoor cafes, attached and detached retail, gardens, day care centres and children's play areas, the work for which will see progress in the latter half of 2009."