Fakhruddin announces faster-than-expected progress on Lake Central

The high-rise tower, which will exclusively offer commercial property to satisfy the region's 55% year-on-year increase in demand for real estate of this type, has a unique T-shaped design to maximize use of space and is located in the prestigious Business Bay complex
Recent progress, following initial groundwork construction and site preparation, has been swift and includes completion of all shoring piles, excavations, site clearing, sonic and dynamic testing for foundation pilings and installation of on-site offices.

The next phase, which covers substantial guniting work and finishing of several key areas of construction, is now underway.

Commenting on the news, Mr. Akbar Fakhruddin, Chairman of Fakhruddin Group, confirmed that his company is exceptionally pleased with progress on the 22-story project.

He said: "The first phase of development has gone exceptionally well and is in line with the company's ethos of producing desirable developments in an efficient manner to the very highest standards. We are on schedule to complete within our original time frame and we're sure that our customers will find Lake Central to be perfect for their commercial real estate needs."

"Demand for real estate is growing rapidly in Dubai and Lake Central will help meet this need in a way that's beneficial for the region as a whole, our clients and our shareholders."

Fakhruddin Properties has also recently signed an agreement worth Dhs177m with Dubai-based GCC to act as a construction partner on the project.

After confirming the arrangement, which has been in place for some time but has only officially been announced as Fakhruddin Properties enters the next stage of development on Lake Central, Hamad Ali Lootah, Managing Director of GCC's (General Construction Company) parent company Al Jazeerah Investment, confirmed that they are pleased to be working on the project.

At the ceremonial signing, he said: "GCC, and Al Jazeerah Investment, are pleased to be involved in such a landmark scheme that will serve the needs of local businesses and benefit the local community. Lake Central will be one of the region's most desirable business addresses and we look forward to playing our part in the successful completion of the project."

Also commenting on the agreement, Mr. Akbar Fakhruddin said: "Now we are entering the next important stage of development we can officially announce that GCC will partner us on the project - this is great news for everybody with an interest in Business Bay and will ensure that progress on Lake Central continues to be fast, efficient and of the highest quality."

Lake Central 's T-shaped design maximizes the view over the picturesque creek and will include amenities such as a swimming pool, gym, restaurant and café, all looking out onto one of Dubai's most sought-after aspects.

Other facilities, aside from commercial space, will include a business centre and conference room, all equipped with cutting-edge technology.

The commercial property sector in Dubai is one of the strongest in the world, with recent studies showing that office rentals have increased by 55% so far in 2008, compared with 2007.

By international comparison, the region has more commercial property space in development than Shanghai despite having a significantly smaller population and licensed business have increased by an average of 5% annually in recent years.

All these factors point to an exceptionally strong commercial property market, one which Lake Central will capitalise on by meeting the strong in increase in demand with quality real estate.