Fortune Executive Tower deal for IJM
Posted: Tuesday, May 30, 2006
Fortune Group, fresh from the launch of the world’s tallest commercial tower, Burj Al Alam, has awarded the construction of their second freehold commercial project, ‘Fortune Executive Tower’ to Malaysia’s IJM Corporation. The construction contract is valued at an estimated Dh130 million ($35.39 million).
Located at the Jumeirah Lake Towers, the 35-storey Fortune Executive Tower is one of the first commercial towers to offer duplex office spaces in Dubai.
The tower will represent next generation office space and will offer investors a lucrative investment option. IJM Corporation, one of Malaysia’s largest and most diversified construction groups, is now an established player in the Middle East’s construction sector with a spate of high profile projects to its credentials.
Among the international projects that IJM has undertaken include, the 455-room Avillion Hotel, Sydney, the Binh An Water Treatment Plant in Ho Chi Minh City, Vietnam, and the award winning Gardenville Condomnium in Singapore among others.
“This significant contract for Fortune Executive Tower was no exception. IJM was our obvious choice considering their strong credentials, experience in the region and since we have a working relationship with them on our first project.”
Commenting on the win, IJM Corporation group managing director Dato Krishnan Tan said: “We are happy to work with Fortune Group on their second project as well.
“This is indeed an honour for us and we look forward to set new benchmarks with this project. We look forward to use our expertise to construct what will surely be one of the most sort after business addresses at Jumeirah Lake Towers.”
The Fortune Executive Tower, launched in August 2005, received overwhelming investor response and was sold out in less then two months. The project is scheduled for completion by the end of year 2007.
IJM is a public company based out of Malaysia, with more than 3,000 shareholders.
IJM is managed by experienced professionals who have together constructed some major landmarks across the world. IJM has boldly set up its associate company, IJM Construction (Middle East), to cater for potential projects that have been booming in this region.
Fortune Group’s current investments in Dubai real estate is valued at over Dh6.3 billion across seven exclusive commercial and residential freehold projects.
Burj Al Alam, the world’s tallest commercial tower, is the Group’s most recent and significant project development coming up at Business Bay.
Other group projects are located at Jumeirah Lake Towers, Palm - Jebel Ali, Dubai Sports City and International Media Production Zone. TradeArabia News Service