New $136mln Dubai tower aims to target ‘affordable luxury’
Marc Mcilhone August 22, 2017BusinessComments Off on New $136mln Dubai tower aims to target ‘affordable luxury’
Invest Group Overseas (IGO) has launched a new, 40-storey, 195 metre-tall tower on what managing partner and chief executive Anas Kozbari described as “the last off-plan” residential property project available in Dubai’s Jumeirah Lakes Towers.
The IGO Tower will cost between 500 million-600 million UAEdirhams ($136-163 million) to build, Kozbari told journalists at a launch event at the company’s headquarters on Monday morning. It will contain 449 one, two and three bedroom apartments and 720 square metres of retail space.
Kozbari said that IGO bought the plot of land in Cluster K of Jumeirah Lakes Towers in May this year and it already has a certificate from Dubai Land Department stating that the project is 10 percent complete, which is mainly piling and infrastructure works for its car park.
A tender for construction works on site is expected to be both floated and awarded in December this year, with work starting either in the same month or in January 2018. It has a scheduled completion date of the final quarter of 2020.
“We move fast,” Kozbari said. He said that the company is aiming for “affordable luxury” at IGO Tower, with facilities including squash courts, a health club, a gym and a grand entrance lobby. Prices for apartments start from 795,000 UAE dirhams for a one-bedroom unit to just under 3 million UAE dirhams for a three-bed unit.
Image supplied by Invest Group Overseas (IGO)
He said that it expects to receive interest in the market both locally and from the Indian subcontinent, from Europe and the United States, which is where buyers of previous schemes the firm has completed have come from.
He also sought to debunk the notion that demand for Dubai property had waned. “I truly don’t believe this market is saturated at all,” he said.
IGO is a real estate development firm that is part of Syrian entrepreneur Moafaq Al Gaddah’s MAG Group. Kozbari said that IGO Tower is part of 2 billion UAE dirhams worth of projects the company has planned by 2020, including another residential/commercial tower project that it will launch within the next few months.
The company has already delivered 4.5 billion UAE dirhams worth of projects to date, including the Polo Residences and Polo Townhouses schemes in Mohammed Bin Rashid City, which he said were in the final stages of handover.
Marc Mcilhone is ArabBrains' Editor - sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives.
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