Business | Property
Al Fara'a unveils Dh1b tower project in Dubai
Al Fara'a Properties, a subsidiary of Al Fara'a Construction, Industrial and Property Group, has announced the launch of Dh1 billion Burj Al Fara'a, a commercial tower located in the commercial business district of Jumeirah Village.
- Staff Report
- Published: 23:05 July 19, 2008
Dubai: Al Fara'a Properties, a subsidiary of Al Fara'a Construction, Industrial and Property Group, has announced the launch of Dh1 billion Burj Al Fara'a, a commercial tower located in the commercial business district of Jumeirah Village.
The project is scheduled for completion by December 2011. Al Fara'a Properties has revealed plans to break ground on the 38-storey state-of-the-art commercial tower by December 2008. The new project will have a selection of office spaces.
"We will be working towards the timely delivery of this project, which will be the constructed using the highest industry standards to supply to the booming demand and fittingly represent the philosophy of our organisation," said Natasha Gangaramani, director of Al Fara'a Properties.
Gangaramani said the company's main focus "lies in achieving success in all our endeavours, and we have developed a result-driven strategy based on the rapidly-maturing real estate climate which clearly states the excessive need for commercial spaces to be built in Dubai within the coming years.".
Recent studies have shown that Dubai ranks second to Moscow in terms of the amount of commercial floor space being constructed.
The lack in supply and relatively cheaper rates compared to other real estate destinations such as London continue to drive the growth of Dubai as the world's premier business hub.
"The construction of the Burj Al Fara'a will be undertaken in accordance to a rigid timetable, which will ensure that the project will be delivered within our stipulated delivery schedule," said Nitesh Gangaramani, director of Al Fara'a Properties.
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