Invest Group Overseas launches $136m Dubai tower

Dubai-based developer Invest Group Overseas (IGO) has announced the launch of a new Dhs500m ($136.1m) tower in Jumeirah Lake Towers.

Construction of IGO 101 is scheduled to begin in December and forms part of the firm’s plans to invest Dhs2bn ($544.4m) in projects in the build-up to 2020, IGO said.

The 195m tower in Cluster K will include 39 floors with 449 one-, two- and three-bedroom apartments, a gym, health club, squash court, outdoor swimming pools, a sun deck, a kid’s play area and retail and food and beverage outlets.

IGO managing partner and CEO Dr Anas A Kozbari said the project would target the “affordable luxury” segment.

“We intend to increase the inventory and plug a much-desired gap in the market for premium homes at affordable prices,” he said.

The project is expected to be completed in the fourth quarter of 2020 and will add to IGO’s current Dhs.4.5bn portfolio of delivered projects including the Polo Residences and the Polo Townhouses in Meydan.

Dubai Land Department announced earlier this month that 68 projects worth Dhs21bn ($5.7bn) had been launched in the emirate since the beginning of the year.

Real estate transaction values were also up 16.8 per cent in the first half of 2017 to Dhs132bn ($35.9bn) after declining to Dhs113bn ($30.7bn) last year from Dhs129bn ($35.1bn) in H1 of 2015.

Read: Dubai sees 16.8% increase in real estate transaction values in H1 2017

This was despite a continued slump in the market with average quarterly sales prices down 3 per cent for apartments, 2 per cent for villas and 2 per cent for offices in Q2, according to consultancy Asteco.

Read: Dubai property prices, rents continue to decline in Q2