Dubai-based Star Giga Establishment will hand over more than 1,000 units in its two projects in Jumeirah Lakes Towers (JLT) development during the year, a top company executive said yesterday.
"We have started with the handover of units in our Goldcrest Executive tower. This will soon be followed by delivery of our GoldCrest Views 2 project," Mohamed Ali, General Manager, ETA Star Property, told Emirates Business.
Star Giga is a joint venture enterprise between ETA Star Property Developers and Mazyood Giga International.
Goldcrest Executive is a 39-storey tower consisting of 229 office units, 183 studios and 141 one-bed apartments. The tower offers half a million square feet of built-up space, basement retail areas, a plaza, business centre and a first-floor suite of meeting rooms.
Haji Muhammad Rafiq Giga, Chairman, Star Giga Establishment, admitted that there was a "slight" delay in completion of the project but was happy with the infrastructure at JLT.
Ali confirmed that all investors had been compensated as per contract terms for the delay. More than 100 apartments had been leased out in Goldcrest Executive tower with rentals for studio apartments starting from Dh50,000 per year and from Dh70,000 for single-bedroom apartments.
In September 2009, Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre (DMCC), told this newspaper that 35 towers had received building completion certificates and that this number was expected to reach 50 by year-end.
"This figure will go up to 70 by the end of 2010. And then by another 10 or so by the year 2011 or maybe in early 2012," he had said.
Regarding maintenance charges, Giga said they had got approval from the Real Estate Regulatory Agency to charge Dh12 per square foot as maintenance fees.
Asked about Star Giga's plans to launch new projects in Dubai, Ali said the company was currently emphasizing on completing on-going projects and new ones would be announced subject to market conditions.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.