RIt only took 18 months for JBC Properties (AFP) to complete five Jumeirah Business Centre (JBC) Towers in the Jumeirah Lake Towers or JLT community, delivering more than 200 floors in this short time.
“The company’s restructuring, including the liquidation of land bank worth one billion dirhams after I took over the management during the initial days of the financial crisis, helped AFP shore up its balance sheet by Dh3.2 billion and focus on its goal of accelerated development of the JBC towers,” says Sheikh Maktoum Hasher Al Maktoum, President and CEO of AFP and Executive Chairman of Shuaa Capital, who played a leading role in the restructuring of the company in 2008.
The company established in 2004, has built up a significant land bank and is now amoung the leading commercial real estate developers with its flagship JBC Towers series.
“With an estimated project value of more than Dh3 billion, the company has positioned itself as the foremost player in the real estate market,” says Sheikh Maktoum.
Ranging from 39 to 44 storeys, JBC towers in JLT offer state-of-the-art commercial units for sale and lease as well as retail units and other modern features. Home to renowned local and international businesses, the towers overlook many of Dubai’s landmarks including the Burj Al Arab, Palm Jumeirah, along the world class golf courses and Emirates Hills.
“For AFP, it is as equally important to be superior and consistent in our quality benchmarks as it is to adhere to contractual obligations. The JBC towers reflect this focus in its exquisite design and finish,” says Sheikh Maktoum. “We have taken pains to ensure that all JBC towers are made to perfection in its aesthetic appeal, functionality and modern amenities so that the development offers investors the best corporate address in the JLT community.”
Milestones for the company include its success in handing over the five 180-metre high JBC commercial towers within the committed timeframe, the result of three years of dedicated hard work by AFP – despite adverse market conditions, transparency and full compliance with RERA regulations.
Sheikh Maktoum, who is also the Chairman of Dubai International Holding Company, Founding Investor of Virgin Megastores in the UAE and founder of the A1 Grand Prix concept, says the company is planning to launch premium residential and hotel apartment towers to diversify its range of products.