Stalled 'Dubai Star' tower completed by new developer Preatoni
The 554-unit JLT structure is now known as Preatoni Tower and will be ready for occupancy in Q1 2019
European real estate developer Preatoni Group has completed the project formerly known as Dubai Star, four years after its initial developer abandoned the planned 45-storey skyscraper in Dubai’s Jumeriah Lake Towers (JLT) due to the 2009-10 economic crisis.
Construction on Dubai Star reached 38% before coming to a halt, putting more than 400 local and international buyers at risk of losing their investment.
However, Preatoni took over the project with the support and cooperation of the local authorities, Dubai Land Department, and the project’s original investors.
Featuring 554 units covering a total area of 5.57ha of residential and commercial space, the mixed-use project is now called Preatoni Tower, and has been completed after Preatoni Group invested more than $13.6m (AED50m) into the development.
Ernesto Preatoni, Preatoni Group chairman, said the investors’ vision had "finally come to fruition", adding the decision to take over the stalled project reiterated Dubai’s image as a “safe investment hub”.
The European property developer, which is also the driving force behind Egypt’s Sharm El Sheikh resort, said Preatoni Tower will be ready for occupancy in Q1 2019.
Preatoni said: “We have not only completed the project as initially intended, but we have also added our signature Italian touch to the tower. Our years of experience and expertise in property development has been the driving force towards the completion of this momentous project.”
SITE VISIT: Dubai Star, Jumeirah Lakes Towers
According to Construction Week reporting in 2014, Dubai Star was launched by German property fund Alternative Capital Invest. The group was planning a series of ambitious schemes including commercial tower projects that were branded under deals with German and Austrian sports stars, such as Michael Schumacher, Boris Becker, and Niki Lauda.