Construction work begins on $272 million JBR tower project

February 06, 2017

undefinedThe 46-storey tower project, with a development value of Dh1 billion ($272.26 million), features 161 two-, three-, and four-bedroom apartments, as well as some five-bedroom penthouses, according to The National.

The project is due for handover in Q4 2019, which is later than the initial date given, but the Dubai Properties Chief Executive, Abdulla Lahej, said that "overall project upgrades have been done to enhance the overall efficiency and lifestyle experiences of discerning customers of this luxury development."

Ian Harper, Contracts Director at DCC, says that the company was "committed in every respect, to executing this project on budget, on time, in accordance with the specified standards and quality.”

A report published by broker JLL last month stated that Dubai’s residential property market is now "close to the bottom of the cycle", with apartment prices dropping by just 1% over the course of the past 12 months, with no change in value reported in the past quarter. Transaction volumes remain low, however, and average apartment rents dropped by 6% over the course of the year.

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