Leading commercial real estate developer, Al Fajer Properties, said its first commercial tower in Jumeirah Business Centre (JBC) series has been handed over to customers.

JBC 1 represents the flagship tower for the developer in the 9 tower JBC series located in the heart of the Jumeirah Lakes Towers (JLT) free-zone, said a statement from Al Fajer.

The handing over of the 180 meter high JBC1 commercial tower is a major milestone for Al Fajer and is an endorsement of its successful and prudent strategy of restructuring business model at the beginning of the real estate downturn to focus on delivering projects within the committed timeframe, it stated.

Commenting on the miletone, Sheikh Maktoum Hasher Al Maktoum, president of Al Fajer Properties, said, “The handing over of JBC1 is a significant achievement for us and vindicates the strategy we adopted in 2008 to restructure our management and business to enable us to focus on our core commitment of delivering projects on time.'

'The delivery of the JBC1 is the result of three years of dedicated hard work by Al Fajer,' he added.

According to Sheikh Maktoum, the restructuring has helped Al Fajer to deliver on its contractual obligations of developing the JBC developments. In record time Al Fajer has completed five of its nine towers in the JLT community, constructing over 200 floors in 18 months.”

The company’s restructuring, including the liquidation of Dh1 billion worth of land bank, after Sheikh Maktoum took over the management during the initial days of the financial crisis helped AFP shore up its balance sheet by Dh3.2 billion and focus on its goal of accelerated development of the JBC towers, Al Fajer said in a statement.

The 44 floor JBC1 tower has an area of 546,000 sq ft of commercial space including premium commercial floors with dedicated lifts. It has refined and distinctive exterior, beautiful lobby interiors and panoramic lifts, the statement added.-TradeArabia News Service