Al Fara'a Properties, the flagship subsidiary of Al Fara'a Construction, Industrial and Property Group has announced the launch of Burj Al Fara'a, worth Dh.1billion, the state-of-the-art commercial tower located at the heart of Jumeirah Village.
The launch of this project is aimed at meeting the strong demand for commercial space in Dubai. It is expected that about 86million square feet of built space will be covered for office space by the year 2010.
The state-of-the-art 38 storey commercial tower will see its ground breaking by December 2008, and is likely to be complete by December 2011. Burj Al Fara'a, will be a highly impressive business location that caters to both local and multinational businesses, seeking to establish their strong presence at commercial business district Jumeirah Village, which is nearing 60 percent completion.
The Director of Al Fara'a Properties, Natasha Gangaramani, said that priority would be given for timely completion of the project, which will be constructed to match the highest industry standards.
Studies indicate that Dubai ranks second to Moscow in terms of commercial floor space, with limited stock of quality office space in Dubai. The insufficient supply and comparatively cheaper rates compared to other property destinations such as London continue to be a major factor behind the growth of Dubai as a premier business hub.
Burj Al Fara'a construction will progress as per rigid timetable set up by the company for timely completion of the project. Al Fara'a Properties also plans to undertake several other project launches as a part of their expansion plan for 2008, intended to bolster the company's portfolio and establish position as the top developer in the UAE.
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