13 towers to be completed in Dubai's JLT in 2011
JLT Free Zone chief says 13 towers will join the 53 already completed
An additional 13 towers in Jumeirah Lakes Towers (JLT) are “nearing completion or to be completed in 2011,” said Malcolm Wall Morris, CEO of the Dubai Multi Commodities Centre Authority responsible for the JLT Free Zone.
A total of 53 towers have already been completed, said Morris. The average occupancy rate is 50%, though this depended on individual projects and when they were completed relative to the economic downturn.
Commenting on JLT infrastructure such as landscaping and the lakes, Morris said: “We are very confident we will have achieved significant milestones by mid-year.
“This is a work in progress. If you look at Dubai as a whole, at any city, do you ever not see construction going on? Are we ever going to say there is a day where there is never going to be further construction in JLT? I would not think so. I would be disappointed if that was the case, because that would mean JLT has stopped evolving.
“Certainly what we are going to be seeing is another 13 towers completed this year. We are looking forward to an additional two hotels coming on board at the end of 2011 and the beginning of 2012,” said Morris.
“We are very much into that stage of development in JLT where the major infrastructure construction is completed. We are now looking forward to leveraging off that, and ensuring that all the companies and individual residents enjoy the benefits of the Free Zone,” said Morris.
“Of course we are going to complete the Free Zone beautification. We are going to be completing the landscaping, we are going to be completing filling the lakes. The key thing is that JLT is a construction site, but we are moving beyond the main sewerage and lake works.
“What we are looking forward to this year is seeing the retail spaces around the lakes, we aim to see a café culture starting, and people beginning to live in this Free Zone in the way it was designed.”
At 200ha, JLT is one of the largest and fastest-growing free zones in Dubai, with 2,642 companies and 15,000 residents.