Fakhruddin Properties, one of the UAE's leading real estate developers, has revealed that development of its landmark AED800 million Lake Central project is ahead of schedule and on target for completion by late 2009. The high-rise tower, which will exclusively offer commercial property to satisfy the region's 55 percent 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. Akbar Fakhruddin, chairman of Fakhruddin Group, 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.” Fakhruddin Properties has also recently signed an agreement worth AED177 million 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, 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.” __
