JBC 3 & 4 situated in Jumeirah Lake Towers to be developed at an investment of AED 490 million.

JBC 3 sold out in three days

Dubai, UAE, February 13, 2006: Barely two months after the launch of its Jumeirah Business Center 1 & 2 and the subsequent sell out of the properties in record time, Al Fajer Properties, a member of Al Fajer Enterprises established in Dubai in 1965 by its Group President His Highness Sheikh Hasher Bin Maktoum Al Maktoum, today announced expanding the brand further by developing two more freehold commercial towers- Jumeirah Business Center 3 & 4.

The JBC 3 & 4 will be developed at an investment of AED 490 million in the prestigious Jumeirah Lake Towers project further enhancing the company's presence in Dubai's commercial freehold market.

Mr. Mohammad Bin Mubarak, vice president of Al Fajer Investment & Development commenting on the phenomenal sell out of Jumeirah Business Center Towers 1, 2 & 3 in less than two months explained: "Investors in Jumeirah Business Center Towers are guaranteed to optimize their resources by turning their rent liabilities into assets. Considering that the annual office lease rates on Sheikh Zayed Road, typically range from AED 120 to AED 220 per square foot, JBC investors are expected to enjoy return on investment (ROI) within 4 to 5 years.  

Offering spectacular views of Jumeirah Lakes and Jumeirah Islands, and situated within Dubai's emerging district consisting of over 250 residential buildings, JBC is poised to become the commercial landmark of New Dubai.

Mr. Bin Mubarak further added: "Jumeirah Business Center's success story is a direct result of high demand from local, regional and multinational companies seeking a high end freehold commercial property based in Dubai, the undisputed regional business hub.

The Group's business ventures over the past 35 years include a leading construction company, property management services, engineering and consultancy, international fairs and exhibitions, manufacturing, travel & tourism, pharmaceuticals, general trading and investments and development.

Al Fajer properties tie up with Abu Dhabi Commercial Bank is set to offer JBC investors the broadest range of support and finance options available in the market. Adeeb Al Jundi Vice President Abu Dhabi Commercial Bank said "We are convinced that Jumeirah Business Center Towers is a pioneering development in a league of its own and our association with Al Fajer Properties reflects our confidence in this unique project which is destined to set a bench mark for quality in Dubai's commercial real estate sector.

A top official of Al Fajer Group said that Al Ahmadiah Contracting, established in 1970, was awarded the construction contract for the AED490 million project following comprehensive due diligence process, including a public tendering exercise and several rounds of evaluation and assessment by the company's project development team.

Mr. Saeed Masoudi, Development Director of Al Ahmadiah Contracting Company said "It is a privilege for us to be selected for the development of such a unique and pioneering project. We believe that Jumeirah Business Center construction will add to our reputation of being partners with a number of landmark projects in the UAE."

Commenting on Al Fajer's confidence in Jumeirah Lake Towers, Mr. Mahdhar Al Tamimi, General Manager of Nakheel's Jumeirah Lake Towers said: "We are indeed glad to be partnering with Al Fajer for their hugely successful Jumeirah Business Center Towers. The commercial freehold towers will add to the reputation of Jumeirah Lake Towers as a most sought after investment opportunity."   

Jumeirah Business Center with its cutting edge architectural design and state of the art office facilities combined with world class finishing and professionally managed retail outlets, has been conceived as the perfect working environment.

FACT FILE - JUMEIRAH BUSINESS CENTER TOWERS 3 & 4

STRATEGIC ALLIANCE PARTNERS

Al Fajer Properties, member of Al Fajer Enterprises

Abu Dhabi Commercial Bank (ADCB)

Nakheel

Al Ahmadiah Contracting Company

STATISTICS

Jumeirah Business Center 3: G + 39 Floors (Office Development)

Jumeirah Business Center 4: G + 39 Floors (Office Development)

Located at Jumeirah Lake Towers, between interchange 5 & 6 on Sheikh Zayed Road

Unique State- of - the-art facilities and amenities

Futuristic design with Grand atrium lobby soaring 5 floors

Up to 75% finance options available through ADCB

Total surface area of 870,000 square feet with 36000 square feet retail component

Flexible Office sizes ranging from 800 sq ft to 11000 sq ft

Prices starting from AED 750 sq/ ft

Estimated completion date Jan 2008

-Ends-

For further details contact:
Jayakrishnan B/Eyad Mohammed
Percept Profile Gulf(PR)
Dubai, United Arab Emirates
P.O. Box No: 74245
Tel: 00971 4 3446373
Fax: 00971 4 3429158
Email: info@perceptprofilegulf.com

© Press Release 2006