Jumeirah Lake Towers (JLT) is a massive development of 80 towers, situated at the backdrop of three scenic man-made lakes and a number of waterways. Once complete, it will cover a total of 730,000 sq. metres.
The area's location on the Sheikh Zayed Road opposed the Dubai Marina couldn’t be any better. Residents and company owners in JLT have a free access to the major attractions of new Dubai – the Marina JBR, Mall of the Emirates etc., while still being only 20 minutes away from Downtown Dubai. JLT is also situated in close proximity to some of the emirate’s most popular golf courses, including the Emirates Golf Course and the Montgomerie.
JLT is a mixed-use commodity with 45 per cent of towers planned for residential use, 21 per cent of buildings planned to be used as offices, and the remaining real estate to host hotels or other mixed-use projects.
At the heart of JLT, on its own ‘island’ between two lakes stands the area’s main dominant — a 66-storey Almas Tower (Arabic 'Al Mas’ for 'the Diamond') housing Dubai Multi Commodities Centre (DMCC) head office, as well as Dubai Diamond Exchange. The basement of the tower houses the main diamond vault. And Jumeirah Lake Towers itself is basically an integral part of a large DMCC free zone.
In terms of community development JLT has its own dedicated supermarkets, a range of eateries, spas and a wide range of other retail businesses spread across the various towers. The Bonnington Hotel, for one, has become a popular nightspot. It also includes 6 healthcare facilities, namely 4 medical centers, a diagnostic clinic, plus a hospital. Education in the area is presented by two international Universities offering Bachelor, Masters and MBA programs.
Affordable rents and a waterfront promenade with a host of restaurant options have made JLT a popular destination for working couples and singletons. Residential developments in JLT offer a wide range of various accommodation options, from studios to two-level penthouses, to suit all tastes, and at a very attractive price.
The demand for office spaces in the area is also quite substantial. The average offices floor area here ranges between 860 and 10,700 square feet, while office rents are significantly lower than in other city business locations.
Retail spaces are also available in the ground floors and podium levels of the towers intended to house shops, restaurants, hair salons and other small to mid-sized businesses. These are usually brand new, light-filled high-quality facilities with all necessary utilities in place. The average psf cost of ready-to-move-in retail units is much higher, but lease opportunities guarantee higher rental yields and the best ROI.