Al Fara'a launches Dh1bn Burj

Al Fara'a Properties, the flagship subsidiary of the Al Fara'a Construction, Industrial and Property Group, has announced the launch of the Dh1 billion Burj Al Fara'a, a commercial tower located in the commercial business district of Jumeirah Village.

The unveiling of the developer's latest project is aimed at addressing the strong demand for commercial space within Dubai, which is expected to witness the construction of more than 86 million square feet of built space for office use by 2010.

Scheduled for completion by December 2011, Al Fara'a Properties has revealed plans to break ground on the 38-storey commercial tower by December.

Set to offer a selection of office spaces, Burj Al Fara'a will provide a highly impressive business address to both local and multinational businesses seeking to establish a strong presence within the commercial business district at Jumeirah Village, which has recently witnessed the completion of 60 per cent of its infrastructure works.

"The launch of Burj Al Fara'a, which is a testament to our growth and diversifying business, is aimed at leveraging the enormous demand for high-technology commercial spaces in Dubai," said Natasha Gangaramani, Director of Al Fara'a Properties.

"We will be working towards the timely delivery of this project, which will be the constructed using the highest industry standards to supply the booming demand and fittingly represent the philosophy of our organisation," she said.

Recent studies have shown that Dubai ranks second to Moscow in terms of the amount of commercial floor space being constructed, and with the limited stock of quality office space in Dubai, it is not surprising why massive commercial developments are being undertaken in the emirate at present, said a statement.
"The lack of supply and relatively lower rates compared to other real estate destinations such as London continue to drive the growth of Dubai as the world's premier business hub. Al Fara'a Properties has recognised the underlying niche within the commercial segment and has plans to further leverage the booming demand for office space in Dubai," the statement added.

"We are also preparing to undertake several project launches under our expansion plan for 2008, which is aimed at bolstering our portfolio and further establishing our position as one of the top developers in the UAE," Gangaramani said.

The developer is poised to enter several developments, including Dubai Maritime City, Al Reem Island and Dubai Waterfront with plans to construct commercial and residential projects.