Dubai-based IGO to build $136m residential tower in JLT
Dubai-based developer Invest Group Overseas (IGO) has launched the IGO 101 tower, its latest residential project in Dubai’s Jumeirah Lakes Towers (JLT)
Dubai-based developer Invest Group Overseas (IGO) has launched the IGO 101 tower, its latest residential project in Dubai’s Jumeirah Lakes Towers (JLT).
With an investment of $136m (AED500m), the 195-metre tall tower will include G+39 floors and will be located in Cluster K of JLT.
The project will comprise 449, one-, two-, and three-bedroom apartments that will feature amenities including a gym, health club and squash court, outdoor swimming pools, and kids area, as well as retail, food and beverage outlets.
Construction will begin in December 2017, with a scheduled completion in the fourth quarter of 2020, IGO said.
Dr Anas A Kozbari, managing partner and CEO of IGO, said that the company plans to fill a gap in the market for “luxury affordable living”, aiming to create high returns on investment for clients through several upcoming projects.
“Aimed at creating residential solutions tailored for the end-user, IGO 101, JLT’s newest landmark, will redefine the affordable luxury segment. We intend to increase the inventory and plug a much-desired gap in the market for premium homes at affordable prices,” Kozbari added.
With plans to invest in more than $545m (AED2bn) projects by 2020, JLT has displayed higher resistance to further price drops in Dubai, with signs of recovery evident over the last year, according to Core Savills’ Dubai Residential Market Update Q1 2017.
IGO has delivered projects valued at more than $1.2bn (AED4.5bn) in the last five years, including the Polo Residences and the Polo Townhouses in Meydan.