Al Fajer Properties, a subsidiary of the Al Fajer Enterprises group of companies that was established in 1965 by His Highness Sheikh Hasher bin Maktum AlMaktum, announced the launch of the fifth tower in its own Jumeirah Business Centers, located in the free economic zone of Jumeirah Lake Towers. During the three days of Cityscape 2006, held in Dubai in early December, 75% of Jumeirah Business Center-5 (JBC-5) was sold.
With the new tower in mind, Al Fajer's group investment in the Jumeirah Business Centers (JBC) project has exceeded AED 2.5 billion (US $ 638 million).
The decision to launch the fifth tower was made on the basis of a high level of demand from investors. Four previous towers of business centers - JBC-1, 2, 3 and 4 - were sold in record time.
"The launch of the fifth tower at the moment is fully justified: there is an acute shortage of world-class commercial space, such as our business centers are," Dr. Shahram Abdullah Zadeh, Executive Director of Al Fajer Properties, told reporters at a presentation on JBC-5. "Dubai is constantly growing, business expansion is in full swing. The JBC-5 business center has been created taking into account the highest requirements of modern business and the prospects for its development in the coming years. Since the Jumeirah Lake Towers area has already been officially awarded the status of freedoms of the economic zone, our investors receive undoubted advantages: the possibility of 100% ownership of a commercial enterprise and tax exemption. "
According to Dr. Shahram, the fact of the sale of 75% of the JBC-5 space within the first three days of the announcement of the project once again confirms the success of the JBC concept and the continued growth in demand for exclusive office space in Dubai.
Al Fajer Properties offers a unique financing opportunity for those wishing to purchase office space at JBC-5. The company is ready to independently provide a short-term interest-free loan up to 70% of the cost of space. To book, the investor must pay 10% of the total amount. The cost per square foot starts at 1,200 dirhams (328 US dollars).
“One of the main reasons that the first four towers were sold so fast is the unique infrastructure of the Jumeirah Lake Towers area,” commented Dr. Shahram, “most investors today are well aware of the market situation and are willing to invest only in worthwhile projects from developers "in excellent reputation both in the real estate market and in the construction industry. Therefore, our projects are so popular, because Al Fajer Enterprises has a rich business portfolio and selects the best buildings for its projects."
Commenting on the financing package that Al Fajer Properties offers for JBC-5 buyers, Dr. Shahram said: "The unique financing proposal is based on the desire to make the purchase of space in JBC-5 as convenient for investors as possible. The loan procedure is simplified and they don’t have to worry about getting a loan dozens of securities, which always accompanies obtaining a loan from banking institutions. Thus, JBC-5 becomes the first commercial real estate project in Dubai to have guaranteed financing from the developer. "
According to Ahmed bin Sulayem, Executive Director of the Dubai Multi Commodities Center, Jumeirah Business Center Towers with their futuristic design and unique technology concepts add a special investment appeal to the Jumeirah Lake Towers area. "We are proud that such a grand local market as Al Fajer Enterprises is one of the largest investors in the Jumeirah Lake Towers project," he said at a press conference.
“Thanks to Nakheel and the management of the Dubai Multi Commodities Center, the Jumeirah Lake Towers has become the most attractive investment project for Dubai’s grandiose development,” added Dr. Shahram. “The unique infrastructure and innovative design style reinforce the advantage of Jumeirah Lake Towers every day "Therefore, it’s surprising that this particular region has the highest investment attractiveness. For both developers and end customers."
Jumeirah Business Center -5: facts and figures
Developer: Al Fajer Properties, Al Fajer Enterprises
Financing: Abu Dhabi Commercial Bank (ADCB) General Developer: Duba i Multi Commodities Center (DMCCA)
Jumeirah Business Center -5: ground floor + 40 floors of office space
Location: Jumeirah Lake Towers, between the 5th and 6th interchanges of Sheikh Zayed Highway
Unique cutting-edge amenities
Futuristic design; grand five-story atrium lobby
Up to 75% financing through the Abu Dhabi Commercial Bank (ADCB)
Up to 70% of financing directly from the developer Al Fajer Properties only for Jumeirah Business Center -5
The total built-up area is 600,000 square meters. feet with 200,000 sq. feet of retail space
Free planning - offices from 800 to 11,000 square meters. feet
The cost per square foot - from 1,200 dirhams (328 US dollars).
Planned deadline: December 2008
