Dubai development awakens after a decade of lying dormant

March 31, 2023, 6:04 AM

The new GJ Properties tower will open by Dubai's Sheikh Zayed Road and metro line

GJ Properties to start selling building’s 480 residential units
40-storey development in Al Sufouh area includes pool and shops
Ajman developer to explore other opportunities in neighbouring emirate

An iconic development in Dubai – which has been on hold for 12 years – is finally set for completion in the first quarter of 2025, according developer GJ Properties.

The 40-storey block by the Sheikh Zayed Road in the Al Sufouh area of the emirate has recently been host to large advertising banners from companies including Huawei, Adidas and Samsung.

But Ali Jaber, CEO of Ajman-based GJ Properties, told AGBI it has had “the life kicked back into it”.

“The building has always been finished, the only thing that was missing was the makeup,” Jaber said.

“She’s always looked this way, the only thing we had to finish was the cladding work, which you can see happening on the building now, and obviously the interiors.”

Jaber said a third-party engineer has undertaken a rigorous assessment of the structure, given the length of time it has sat open to the elements and it has been deemed “in perfect condition”.

The property will include 480 units, ranging from the “Signature collection” of one and two bedroom apartments and the “Atmosphere collection”, which consists of two and three bedroom properties.

Jaber said sales are scheduled to start next month.

Amenities will include an Olympic-size swimming pool, kids’ pool, gym and health club, padel tennis court, retail outlets, garden, BBQ area and a lifestyle concierge.

Renders of how the tower’s interiors and exterior will look on completion. Pictures: Supplied

Dubai welcomed 14.36 million international overnight visitors in 2022, a year-on-year increase of 97 percent, according to data published last month by the Department of Economy and Tourism.

The emirate’s booming real estate market, with record sales and rising prices, are making legacy projects viable again, experts have said.

Dubai’s property industry has recorded 30,421 sales transactions worth AED85.87 billion ($23.38 billion) since the start of the year, in addition to 5,089 mortgages of AED30.40 billion, and 2,488 gift deals valued at AED8.74 billion, according to data from Dubai’s Land Department.

GJ Properties boasts an extensive portfolio of developments in neighbouring emirate Ajman, but Jaber admitted he’s keen to explore more opportunities in Dubai.

“We’d like to expand more into Dubai after our Sheikh Zayed Road development is hopefully sold and finished with,” he said.