Al Fara'a Properties, the flagship subsidiary of the Al Fara'a Construction, Industrial and Property Group, has announced the launch of Dh1 billion ($272 million) ‘Burj Al Fara'a’ project in Jumeirah Village.

The project is a state-of-the-art commercial tower located in the commercial business district of Jumeirah Village, which is spread across 811 hectares.

The unveiling of the developer’s latest project is aimed at addressing the strong demand for commercial space within Dubai, which is expected to witness the construction of over 86 million sq ft of built space for office use by 2010.

Scheduled for completion by December 2011, Al Fara’a Properties has revealed plans to break ground on the 38-storey state-of-the-art commercial tower by December 2008.

Set to offer a selection of office spaces, Burj Al Fara’a will provide a highly impressive business address to both local and multinational businesses seeking to establish a strong presence within the commercial business district at Jumeirah Village, which has recently witnessed the completion of 60 per cent of its infrastructure works.

“The launch of ‘Burj Al Fara’a’, which is a testament to our growth and diversifying business, is aimed at leveraging the enormous demand for high-technology commercial spaces in Dubai,” said Natasha Gangaramani, director, Al Fara'a Properties.

"We will be working towards the timely delivery of this project, which will be the constructed using the highest industry standards to supply the booming demand and fittingly represent the philosophy of our organisation," she noted.

"Our main focus lies in achieving success in all our endeavours, and we have developed a result-driven strategy based on the rapidly-maturing real estate climate which clearly states the excessive need for commercial spaces to be built in Dubai within the coming years," she added.

Recent studies have shown that Dubai ranks second to Moscow in terms of the amount of commercial floor space being constructed, and with the limited stock of quality office space in Dubai, it is not surprising why massive commercial developments are being undertaken in the emirate at present.

The lack in supply and relatively cheaper rates compared to other real estate destinations such as London continue to drive the growth of Dubai as the world’s premier business hub.

Al Fara’a Properties has recognized the underlying niche within the commercial segment and has plans to further leverage the booming demand for office space in Dubai.

"The construction of the ‘Burj Al Fara’a’ will be undertaken in accordance to a rigid timetable, which will ensure that the project will be delivered within our stipulated delivery schedule. This is part of our continuous commitment to customer satisfaction not only in terms of quality benchmarks but also in our proven credibility."

"We are also preparing to undertake several project launches under our expansion plan for 2008, which is aimed at bolstering our portfolio and further establishing our position as one of the top developers in the UAE,” Gangaramani observed.-TradeArabia News Service