DMCC, Danube Properties to develop new AED2bn residential towers in Dubai’s Jumeirah Lakes Towers
DMCC, the free zone authority in Dubai, has partnered with leading private developer Danube Properties to bring a new residential project to Jumeirah Lakes Towers district.
The development will see two 65-storey towers built, providing 1,200 residential units with a total built-up area of 1.7 million square feet.
Valued at approximately $545 million (AED 2 billion), the project will sit adjacent to DMCC’s Uptown Dubai neighbourhood.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC said: “Demand for premium residential property across the JLT community is higher than ever, as we have seen with the resounding success of Viewz, our first project with Danube which is fully sold.
“Boasting a community of over 100,000 people, JLT has become one of the most popular districts in Dubai thanks to its truly complete offering for visitors, businesses and residents. We are proud to partner with Danube for a second time as we continue to shape and drive the transformation of JLT and enhance the high-quality residential offering for our expanding community.”
New residential towers announced in Dubai’s Jumeirah Lakes Towers
This latest collaboration follows the success of Danube and DMCC’s previous Viewz project, comprising two towers which have been fully sold.
“As a rapidly expanding private real estate developer in the UAE, we are constantly seeking prime plots in strategic development zones. This partnership with DMCC empowers Danube Properties to enhance the appeal of our upcoming project, providing an opportunity for investors and homebuyers to capitalise on future value appreciation thanks to JLT’s attractive location and the support of DMCC,” Rizwan Sajan, Founder and Chairman of Danube Group added.
Throughout 2023 DMCC partnered with five developers on six commercial and residential projects across JLT and Uptown Dubai.
The authority’s continued development of these areas supports record foreign investment into Dubai. DMCC itself accounts for 11 percent of the emirate’s foreign direct investment.
Source: https://www.arabianbusiness.com/industries/real-estate/dmcc-danube-properties-to-develop-new-aed2bn-residential-towers-in-dubais-jumeirah-lakes-towers