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Preatoni Real Estate has bought a 100 per cent stake in Dubai Star Tower, which is under construction in Jumeirah Lakes Towers (JLT).
Work is in full swing on the tower and the contractor, Al Rashad Contracting Company, says it expects to complete the project next year.
Dubai Star will rise 48 floors and will feature 600 units, divided between commercial storefronts, offices and apartments.
''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 given the fact that work was resumed instantly to complete the construction of the project,'' said Ernesto Preatoni, Founder and Chairman of Preatoni Real Estate.
The 191m tower boasts a futuristic design and features recreational facilities such as a spa and swimming pool.
''This is just the beginning of our investments in the UAE market, as we are scouting other projects for long-term investment and ownership,'' said Preatoni.
Source: Property Weekly