Construction work to start at Dubai Properties' 1/JBR tower
Dubai Properties has appointed Dubai Contracting Company (DCC) as the main contractor for its 1/JBR project, a 46-storey tower that has a development value exceeding Dh1 billion.
The developer and the contractor held a signing ceremony at the site on Sunday to mark the start of the main construction on the tower, which will contain 161 two-, three-, and four-bedroom apartments, as well as some five-bedroom penthouses. The selling price of the two-bedroom apartments starts at Dh5.4 million.
The project is due for handover in the final quarter of 2019, which is later than the initial date given, but the Dubai Properties chief executive, Abdulla Lahej, said that “overall project upgrades have been done to enhance the overall efficiency and lifestyle experiences of discerning customers of this luxury development”.
“We invest time in heavy due diligence when planning our projects,” he said. “We partner with the best in the business and ensure each detail is honoured from contracting to execution.”
1/JBR was initially launched at the Cityscape Global conference in September 2015, and in March last year enabling works began at the site, which has its own private beach.
Ian Harper, a contracts director at DCC, said that it was “committed in every respect, to executing this project on budget, on time, in accordance with the specified standards and quality”.
A report published by broker JLL last month stated that Dubai’s residential property market is now “close to the bottom of the cycle”, with apartment prices dropping by just 1 per cent over the course of the past 12 months, with no change in value reported in the past quarter. Transaction volumes remain low, however, and average apartment rents dropped by 6 per cent over the course of the year.
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