A new skyscraper being built in Dubai will attract ‘huge’ interest from investors, the developer behind the project claims.
Italian property firm Preatoni this week acquired a 100 per cent stake in the ongoing Dubai Star Tower scheme, which is currently under construction in the Jumeira Laker Towers (JLT) complex in the centre of the city.
The move comes as the company looks to continue expanding its portfolio in the Middle East. According to chairman Ernesto Preatoni, a number of other long-term investment projects are also being scouted.
So far, Preatoni has spent approximately $3.3 billion on projects in the Middle East and North Africa (MENA) region. This includes the Domina Coral Bay Resort in the Egyptian city of Sharm el-Sheikh, where more than 15,000 units have already been sold.
The Dubai Star tower is expected to contain around 600 units, with a wealth of new office and retail space soon to be made available for bidding. According to zawya.com, the 48-floor structure is likely to be completed by the end of 2015.
Dubai’s commercial property market is currently performing well, with overall real estate value rising by 38 per cent in the first three months of 2014. Some prices have even returned to their pre-crash peaks, livetradingnews.com reports.
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