Preatoni enters UAE property Market by acquiring 191-metre-tall ‘Dubai Star Tower’ at Jumeirah Lake Towers (JLT)
Italian real estate pioneer Ernesto Preatoni says the acquisition reflects a rebound in investor appetite for JLT
Dubai, UAE, 14 June 2014: Preatoni, a leading European property developer which recently launched Preatoni Real Estate company in Dubai, has bought a 100 percent stake in Dubai Star Tower, which is under construction at Jumeirah Lake Towers (JLT).
Ernesto Preatoni, Founder and Chairman of Preatoni Real Estate, said: “Reflecting a rebound in investor appetite for JLT, this strategic acquisition is extremely delighting news to purchasers of Dubai Star Tower as the equity of their homes is automatically raised remarkably given the fact that work was resumed instantly to complete the construction of the project.”
Offering spectacular views of deep blue waters and eternal sunshine, the 191-metre Dubai Star Tower will be a magnificent place to unwind. The tower boasts a futuristic design through a fusion of architectural elements, while commanding a distinctive style and aesthetic expression of its own.
The tower incorporates retail and office spaces and luxury residential units that come with contemporary furnishings, latest amenities and a cosmopolitan look.
Stunning views, ceramic floor tiles, solid core entry door, walk-in closets, insulated and double glazed windows, grand lobby area and tiled balconies are some of the amenities of the new tower.
The tower also incorporates recreational facilities such as a world-class spa and swimming pool services that are all provided to tenants in a 5-star service hotel ambience.
Preatoni added: “Offering breathtaking views of an expansive horizon that changes a million hues as the day goes by, every place in Dubai Star is thoughtfully laid out to create a sense of space and comfort.”
He added: “We anticipate huge demand for this tower from investors from all over the world because the Preatoni name spells financial safety, strong reputation and great credentials in Europe and in other many places in the world.”
Preatoni added: “We have invested in this iconic structure that is fast taking shape as a prominent landmark on the Dubai skyline. We are proud to say that Preatoni has a reputation for long-term investor care. We are adding value to the property, because of our financial capability and hospitality experience.”
Work is in full swing on the tower and the contractor, Al Rashad Contracting Company, is confident of completing the construction before 2015 ends.
Preatoni has built high-class tourism and residential complexes, hotels and leisure centers worth 2.5 billion Euros in the MENA region, including the Domina Coral Bay Resort in Sharm El Sheikh Egypt.
Preatoni concluded: “We have started expanding our portfolio of residential and commercial complexes in Dubai. This is just the beginning of our investments in the UAE market as we are scouting other projects for long-term investment and ownership.”
Preatoni has regional headquarters in Milano, Italy; Tallinn, Estonia; Villnius, Lithuania; Riga, Latvia; Moscow, Russia; Sharm El Sheikh, Egypt and Dubai, UAE.
Once completed, Dubai Star will rise to 48 floors with 600 units, divided between commercial storefronts, offices and apartments.