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Preatoni Tower to be ready for occupancy in Q1 2019

UAE - January 10, 2019

Preatoni Real Estate has announced the completion of the Dubai Star project, four years after its initial developer abandoned the multi-million project following the 2009-2010 economic crisis that befell the region.

The 45-storey skyscraper, which is located at the upmarket JLT cluster L has now been renamed Preatoni Tower. It boasts some 554 units covering a total of 600,000 sq/ft of prime residential and commercial space. And Preatoni Tower will be ready for occupancy in Q1 2019.

After reaching a 38% 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, however, the Preatoni Group came to the project’s rescue and pumped in over AED 50,000,000, thus committing to reviving the white elephant project while giving the initial investors a ray of hope.
Preatoni Group took over the project with the support and cooperation of the local authorities, the Dubai Land Department, and the investors.

The Preatoni Group chairman, Ernesto Preatoni, an international investors with decades of experience in the real estate and tourism sectors, 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.

According to the group chairman, this move firmly positions Preatoni Real Estate as pioneers of a niche segment solely dedicated to the rescue of “distressed projects”.

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