Thursday, December 27, 2007

JB Group takes prime spot with ‘diamond’ skyscraper JB Tower in heart of new Dubai

Posted: 27-12-2007 , 07:44 GMT

JB TowerThe JB Group, a globally diversified company with Indian roots, today announced it is developing a 60-storey skyscraper, the JB Tower, in the Downtown Burj Dubai.

The JB Tower, a state-of-the-art commercial block scheduled to break ground in March, is the flagship in a USD1.6 billion property venture in the Middle East by the JB Group. Designed in the shape of the JB Group logo – a converged diamond and lotus, India’s national flower – the tower will carve out a striking silhouette within one of the Gulf region’s most prestigious urban developments, opposite the Dubai Mall and proximate to the Burj Dubai tower, the world’s largest mall at 5 million sq ft and the tallest man-made structure at 805 metres respectively.

“The JB Tower is our debut property project in the Middle East spearheading two other major developments, including a four-star hotel and on Sheikh Zayed Road, the Twin Towers,” said Jatin Chutke, Vice President of JB Group. Mr Chutke explained the reasons for the company’s eye on Dubai:  “For the JB Group, Dubai represents a first-class modern hub for increasing international business activities, in line with our own global vision. In just one year since 2006 when we first entered into properties and real estate, the value of our portfolio has grown multifold. The JB Tower and the Dubai project overall cements our vision to develop ultra-modern commercial, residential and hotel opportunities to inspire innovative business, leisure and living environments worldwide.”

From its origins as a diamond trading business in Surat, the so-called ‘diamond city’ in the western Indian state of Gujarat, the JB Group now has an expanding global property portfolio including upscale office and hotel developments in Oman, Indonesia and India. The JB Tower will be built on top of a four-floor podium climbing a total of 240 meters into the Dubai skyline and covering a total of 700,000 sq ft. Branching off the same podium will be the Group’s four-star hotel at 160,000 sq ft. In total the Dubai project encompasses 2,000,000 sq ft and a further 6,000,000 sq ft has been earmarked for warehousing and storage facilities.  Residential properties and serviced apartments are also in the pipeline.

“Strategic diversification continues to drive our growth momentum in all areas of business, from property and real estate in Dubai, to alternative energy in Inner Mongolia, and international trade and consultancy both off and onshore,” said Bhupen Surani, Chairman of JB Group who is headquartered in Hong Kong. “Our success rides on furthering our global footprint by targeting opportunities in some of the most promising, vibrant and high-growth economies today, such as Dubai, China and of course India where the JB Group began.”

The construction and property investment in Dubai is part of the Group’s ‘silk-road’ strategy, which has involved planned strategic forays into the world’s three most dynamic economic hubs along the old trading routes of the past centuries - India, China and the Middle East. In India, the Group has acquired 20,000,000 sq ft and earmarked a further 3,000,000 sq ft for property development valued over USD440 million, as well as projects worth USD20 million in Indonesia. The JB Group also recently acquired a vast tract of land in Goa to erect India’s first Sofitel hotel.

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