Completed Dubai Star gets a new name
01 February 2019
Italy-based Preatoni Real Estate has announced the completion of Dubai Star, four years after its initial developer abandoned the multi-million-dollar project following the 2009-2010 economic crisis.
The 45-storey skyscraper, which is located at the upmarket Jumeriah Lakes Towers (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.
The Dubai Star project came to a grinding halt when 38 per cent of the construction work was completed, 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 Dh50 million ($13.6 million), thus committing to reviving the 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.
Preatoni Group chairman Ernesto Preatoni, an international investor with decades of experience in the real estate and tourism sectors, says that the investors’ vision has finally come to fruition.
“We are delighted to finally and successfully complete the Dubai Star, now known as the Preatoni Tower,” says Preatoni. “We have not only completed the project as initially intended, but we have also added our signature Italian touch to the tower.”
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