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DMCC and Danube Properties to launch $545 million residential project in JLT

DMCC, the world’s leading free zone and Dubai Government’s authority for commodity trade and businesses, has partnered with Danube Properties to bring a new residential project to its thriving Jumeirah Lakes Towers (JLT) district.

The 65-storey twin towers will bring 1,200 new residential units to JLT on a built-up area of ​​1.7 million sq ft, representing a development value of approximately $545 million (AED 2 billion).

Currently in the design phase, the new residential towers will be located adjacent to DMCC’s Uptown Dubai district, reinforcing JLT’s status as one of the emirate’s most popular mixed-use communities.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCCsaying:

“Demand for premium residential properties across the JLT community is greater than ever, as we have seen with the resounding success of Viewz, our first project with Danube which is completely sold out. With a community of over 100,000 people, JLT has become one of the most popular districts in Dubai thanks to its truly comprehensive offering for visitors, businesses and residents. “We are proud to partner with Danube for the second time as we continue to shape and drive JLT’s transformation and enhance the high-quality residential offering for our expanding community.”

Rizwan Sajan, Founder and Chairman of Danube Group, aggregate:

“As a rapidly expanding private property developer in the UAE, we are constantly seeking prime plots in strategic development areas. “This partnership with DMCC allows Danube Properties to enhance the attractiveness of our next project, providing an opportunity for investors and homebuyers to capitalize on future value appreciation thanks to JLT’s attractive location and DMCC’s support.”

This partnership follows the launch of another DMCC-Danube project in January. Verz, which is in Group K and has a development value of AED 1.4 billion. The development’s two high-rise towers have been completely sold out, demonstrating the continued demand for premium property offerings across JLT.

Throughout 2023, DMCC has partnered with five leading real estate developers to bring six exciting commercial and residential real estate projects to its JLT and Uptown Dubai communities. The continued development of its districts is a key priority for DMCC as it attracts a record number of startups to Dubai through its unparalleled business ecosystems and residential communities. DMCC currently accounts for 11% of foreign direct investment (FDI) in Dubai.

News source: Dubai Press Office

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