Preatoni Real Estate has announced the completion of the Dubai Star project, renamed to Preatoni Tower four years after the Preatoni Group took over the project after it being stalled since the 2010 economic crisis.
The 45-storey building located at the Jumeirah Lake Towers (JLT) cluster in Dubai, has 554 units covering a total area of 55,741.8 sqm of residential and commercial space, with the Preatoni group investing $13.6 million to revive the project in 2014.
Ernesto Preatoni, chairman at Preatoni group commented: “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.”
“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,” he added.
Preatoni Group took over the project with the support and cooperation of the local authorities, the Dubai land department, and the investors, said the real estate firm in a statement. It also mentioned that the project was at 38% completion in construction stage when it halted putting over 400 local and international investors at risk.
The Preatoni Tower will be ready for occupancy in Q1 2019.
