Dubai Multi Commodities Centre (DMCC), the master developer of Jumeirah Lakes Towers (JLT), has claimed that no projects have been cancelled till date in the master development and eight new towers will be completed and handed over by December this year.
“No projects have been cancelled to date. We are aware that the majority of the developers of the incomplete towers within JLT are actively working with their stakeholders to develop solutions, which will see their towers completed,” said Malcolm Wall Morris, Chief Executive Officer, DMCC.
As of May, JLT has 58 completed towers including 27 residential, seven mixed-use, 22 commercial towers and two hospitality towers.
“This year, we witnessed the completion of five towers. Eight other towers are due to be delivered by December: one residential, one mixed-use tower, two hotel and serviced apartment towers, and four office towers,” said Morris.
JLT is a waterfront community, comprising 87 residential, office, mixed-use towers. The master development will have total area covered is approximately 1.35 million square metre, including the land areas and four lakes. The 65-storey Almas Tower is the centerpiece of the community.
According to information contained in the Dubai government's bond prospectus on London Stock Exchange, 217 property projects have been cancelled in the past two years. Real Estate Regulatory Agency, the regulatory arm of Dubai Land Department, has reviewed more than 450 projects and expects 237 of them to be completed "in due course", the prospectus said.
Asked if DMCC was working on any plan to control supply in JLT, Morris said: “The DMCC Authority is not just the master developer of the JLT free zone, but also the licensing authority. Due to the increasing demand for free zone services, we have registered over 100 companies per month since the beginning of the year, over 90 per cent of which are companies new to Dubai. We are, therefore, successfully driving the demand for commercial space in JLT.”
By April, DMCC Authority has registered over 3,000 regional and multi-national companies in free zone.
Morris emphasized that DMCC was fully committed to completing the beautification process of JLT and was responsible for the landscaping and the common parks.
“We are committed to completing the beautification process. At present, we have four completed lakes, three playgrounds and numerous retail outlets operating within the community. There are performance clauses in our contracts with the sub developers and through working very closely with them we are able to plan our works around the development,” he added.
- JLT comprises 26 clusters of three towers or trios, with each trio having two towers of the same size and one tower which is five floors taller.
- The 14 trios along Sheikh Zayed Road consist of two 35 floor towers that has an allowable building area of 38,115 square metres and one 40 floor tower with an allowable building area of 43,560 square metres.
- The trios along the shore of the lakes in Jumeirah Islands consist of two towers of 40 floors and a 45 floor tower with an allowable building area of 49,005 square metres.
- The man-made lakes that consist of four separate water bodies will cover 179,000 square meters and will be approximately three metres deep.