Dubai-based developer emerges victorious following competitive bid
Dubai, United Arab Emirates - Saba Real Estate has recently won a competitive bid for an additional plot at the Jumeirah Lakes Towers (JLT); establishing the Dubai-based real estate developer's expansion within the iconic waterfront community. This win follows hot-on-the heels of the successful completion of JLT's Saba Tower 1.
Dubai Multi Commodities Centre Authority (DMCCA) - the JLT master developer - opened the bidding in August 2006, inviting a number of high-profile developers to tender closed bids for the plot.
Awarding the project to Saba, the DMCCA cited the firm's excellent track record as a developer with regards to commitment and delivery; as well as the outstanding quality and workmanship of completed projects.
Ahmed bin Sulayem, General Manager, JLT said: "Jumeirah Lakes Towers is a key mixed-use development in the heart of the new Dubai, with easy access to Media and Internet City, Jebel Ali Free Zone, Dubai Marina and other professional and leisure facilities. The JLT, which will also be home to the DMCC's Almas, Au and Ag Towers, is central to the long-term vision of the Dubai Multi Commodities Centre."
He added: "We are pleased to announce that an additional plot at the JLT extension has been awarded to Saba Real Estate, one of the leading property developers in the region. Following the recent completion of Saba Tower 1, here at the JLT, we are especially happy to welcome Saba Real Estate back to Jumeirah Lakes Towers."
"It is an honour and a privilege for us to be regarded as top developers by the DMCCA/JLT management, and to be offered such a fantastic and exceptional business opportunity", comments Behrouz Javaheri, Chairman Saba Real Estate. "It is our conviction that the JLT area will become an iconic residential and commercial environment in Dubai with outstanding potential in the near future; that is why we endeavoured to pursue our business ventures exclusively in this area - before venturing into new locations."
As well as seeking a developer with high-quality workmanship and commitment to delivery; the DMCCA required an organization with sufficient resources to commence construction before the end of 2006, and have the entire project complete before June 2009.
"Our International, multi-disciplinary team includes architects, designers and engineers; they will be working on the schedule and ensuring the design complements our existing office towers and the JLT waterfront community, further details regarding the actual project will be released shortly", Javaheri concluded.
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About Saba Real Estate
Saba Real Estate brings together an alliance of highly skilled, knowledgeable and experienced real estate developers; architects and interior designers; and finance and analysis professionals, with extensive experience in the development of several prestigious real estate projects across the region. The company's expertise includes commercial and residential real estate, property management, design build and construction management services. The collective experience and expertise of the Saba Real Estate team enables it to develop prime commercial and residential locations.
About Jumeirah Lakes Towers
Jumeirah Lakes Towers is a dynamic waterfront community, encompassing attractive residential and office towers alongside hotels, leisure and retail outlets. A total of 79 towers stand tall in this prestigious project where property investors have been given the opportunity to own and develop towers on a freehold basis. The towers will be clustered in groups of three and will be surrounded by calming lakes, beautifully landscaped gardens and unique waterways. Four winding, man-made lakes, stretching to approximately 255,000 square metres create a vibrant waterfront environment and provide stunning views from all around. Jumeirah Lakes Towers is situated adjacent to Sheikh Zayed Road, between Interchanges 5 and 6. Central to the development will be the majestic Almas Tower, housing the headquarters of the Dubai Multi Commodities Centre (DMCC) and member businesses in the gold, diamond and commodities industries. The DMCC Authority (DMCCA) will be the licensing authority for businesses operating in the Jumeirah Lakes Towers. Businesses, therefore, will benefit from a free zone status.
For more information, please contact:
Salma Kanaan
TRACCS Public Relations
Tel: +9714-3672530
Fax: +9714-3672531
Email: salma@traccs.net
© Press Release 2007
