DUBAI, United Arab Emirates--(Business Wire)--
Al Fajer Properties (AFP) is pleased to announce completion of the
superstructures for phase 1, five of its nine towers, in record time. The 5
Jumeirah Business Center (JBC) towers, once handed over, will add 2 million sq
ft of office space and an additional 83,000 sq ft of retail space within the
Jumeirah Lakes Towers (JLT) Community. This tremendous achievement comes within
the last 12 months since disbanding the old management team coupled with an
extensive restructuring of the company.
The strengthening of the company`s balance sheet by AED 3.2 billion well before
the global financial crisis makes AFP today one of the strongest developers in
the local market owing purely to its decisive course of action, implemented
within the first 90 days of the new management team coming on board.
Even though AFP felt the impact of the well known national cement shortage, the
extraordinary efforts by Al Ahmadiah Contracting (AFP`s main contractor),
enabled the project to achieve a rate of a 4-day cycle per floor for phase 1,
which today has resulted in 5 towers being built in a span of twelve months. Two
of the superstructures in phase 1 are currently in the process of having their
construction cranes dismantled with the scheduling of all construction cranes to
be removed across the 5 towers by the end of the month. Phase 1 is due for hand
over in the last quarter of 2009 with deployment of phase 2 - JBC 6 and
Ebony/Ivory towers, well underway.
His Highness Sheikh Maktoum bin Hasher Al Maktoum was quoted as saying, "We have
achieved our most significant milestone to date and I am extremely pleased with
the results.I would also like to thank all the various project teams involved in
helping us to reach this goal since the change in management. Our results are
testimony to what proper management and a Tier 1 rated construction company can
achieve in record time."
Andre Van Schalkwyk, Project Director of Al Ahmadiah was quoted as saying, "This
could only have been achieved through the streamlined processes and standards
created by the new management team along with effective decision making and
timely execution.We are proud to be part of such a great achievement."
AFP is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT)
community and is the only developer to include a 5-floor atrium within the
lobbies of its towers. Its 9 towers, situated within a free- zone, once
completed will offer high-end commercial properties attracting both large local
companies and multi-national organizations from around the world. The unique
state-of-the-art facilities of the JBC Towers cumulatively offer exclusive
freehold offices totaling a leaseable area of 3.6 million square feet and an
additional 150,000 square feet dedicated to retail across all 9 towers.
Al Fajer Properties (AFP)
Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly
owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a
significant land bank of note. The company is currently in the process of
developing its flagship project which consists of 9 commercial towers located in
the Jumeirah Lake Towers Community. With an estimated project value of over AED
3 billion the company has positioned itself to become a leading player in the
fastest growing real estate market in the world.
Al Ahmadiah Contracting & Trading (AAC&T)
A leading national contracting firm with over 35 years of widespread experience
across UAE. Al Ahmadiah Contracting & Trading currently has a team of over 7000
employees comprising of qualified and highly professional Engineers, Architects,
Draughtsmen in the construction industry. Armed with its own ancillary divisions
for electro-mechanical, plumbing installations, wooden joinery workshops and
concrete block making units. The various types of construction include palace
complexes, multi-storey buildings, military facilities, medical facilities,
commercial projects, communication facilities, industrial projects, luxury villa
complexes, school projects, marine & off-shore projects, religious facilities,
shopping malls and amusement parks.
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Buchanan Communications
Bobby Morse / James Strong
Tel: +44 (0)20 7466 5000
Email: bobbym@buchanan.uk.com
Copyright Business Wire 2009
