The Italian group Preatoni Real Estates has announced the completion of the Dubai Star skyscraper after taking over from the initial developer in 2014 after the project came to a standstill.
Dubai Star, a 45-storeybuilding located at the upmarket Jumeriah Lakes Towers (JLT) cluster L, came to a grinding halt in 2014 after completion of 38 per cent of the project – a move that left investors in jeopardy.
Preatoni stepped forward and took over injecting over $13.6 million with the support and cooperation of the local authorities, the Dubai Land Department, and the investors (400), Trade Arabia reports.
“The decision to take over the stalled project was aimed at restoring Dubai’s image as a safe investment hub,” said PreatoniGroup chairman Ernesto Preatoni.
This move firmly positions Preatoni Real Estate as pioneers of a niche segment solely dedicated to the rescue of “distressed projects”, he stated.
Preatoni renamed the building after the group as the Preatoni Tower.
The completed structure boasts 554 units covering a total of 600,000 sqft of prime residential and commercial space.
Preatoniis a specialist in financial services, hospitality, and real estate developments with a major presence in the Middle East. The group has completed projects around world including countries such as Italy, Switzerland, Russia, Baltic nations, Egypt, the U.S.
