Preatoni Real Estate has announced the completion of the Dubai Star project, four years after its initial developer abandoned the project following the global economic crisis.
The 45-storey skyscraper, which is located at the upmarket JLT cluster L has now been renamed Preatoni Tower. It boasts 554 units covering a total of 600,000 sq ft of prime residential and commercial space.
After reaching a 38 percent advancement in the construction stage, the Dubai Star project would eventually come to a grinding halt putting the over 400 local and international investors at the risk of losing their investment.
In 2014, the Preatoni Group came to the project’s rescue and pumped in over AED50 million, committing to revive the white elephant project.
Preatoni Group chairman, Ernesto Preatoni, said that the investors' vision had finally come to fruition. He also said that the decision to take over the stalled project was aimed at restoring Dubai’s image as a safe investment hub.
“We are delighted to finally and successfully complete the Dubai Star, now known as the Preatoni Tower. The journey has been long but despite the challenges, our investors’ dreams and aspirations are now a reality. Our belief in the project underscores our confidence in Dubai’s real estate market.” he said.
He added: “We have not only completed the project as initially intended, but we have also added our signature Italian touch to the tower. Our years of experience and expertise in property development has been the driving force towards the completion of this momentous project.”
The Preatoni Tower will be ready for occupancy by the end of March.
Preatoni Group has overseen real estate projects across the globe including Italy, Switzerland, Russia, Baltic nations, Egypt, and the US.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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