#TOPPED OUT: LAGUNA TOWER, 40F Hotel + Res, 153m, Plot A2

[andreykz]

diar Tony 90!
Thank you!!!!!
Best Regards,

[234sale]

[sonakash]

Many thanks for the close-ups and movie clips, evidence is clear that the Laguna tower's contruction remains at a slow pace, as being discussed at this blog site.

[jnas]

IFA are timing this so the whole area is completed at the same time. It doesnt make business sense to have this complete ASAP. Who would want to live on a building site. Also in about 18months the market might have recovered.

Feels sorry for all accmulating interest on loans on this investment.

[akkiappalo]

Just got that on my e/mail:



Please find enclosed our April 2010 update. Work on Laguna Tower is progressing well despite market disruptions and distractions. The economic climate around the world is still problematic; however, our work with our contractors and sub-contractors continues unabated in order to ensure we deliver the five-star Laguna Tower to everyone’s expectations.



Dubai – a positive market outlook

On 25 March, Dubai World and Nakheel released a press statement announcing proposals for the restructuring of their liabilities that will put both companies on a sound financial footing and allow them to realise the full potential of their underlying businesses, ensuring that Dubai World and Nakheel are key contributors to the strong economic future of Dubai and the UAE.



The statement read, “The Government of Dubai, acting through the Dubai Financial Support Fund (DFSF), will support these proposals with significant financial resources, including a commitment to fund up to US$9.5 billion in new funding over the business plan period.”



This will inject significant liquidity into the construction industry, giving contractors and sub-contractors more disposable income that, in turn, will filter down to related business at every level.



“The Government of Dubai is taking decisive action to address the challenges related to the global economic crisis and to build the foundation for a strong balanced future growth. This period has demonstrated the unity and shared purpose of the UAE.”



Handover

Due to unforeseen delays, we are projecting completion in Q3 2010. Subject to approval, we anticipate a staged handover with residential occupation towards the end of Q3 2010. Handover of the Mövenpick hotel units will begin in Q4 2010. We are aware of the impact this has on our clients and assure you we are doing everything within our control to deliver these units as soon as possible.



Construction

Site staffing levels are averaging over 1,000 construction staff and working hours have been extended to speed progress on site. We have removed the scaffolding and construction safety equipment on the upper floors and have moved the facade installation cradles up the building to allow the facade works to be completed. The final levels of the facade from level 39 to the roof are scheduled for completion by May 2010. The block and plaster works are 95% complete, reaching the top of the building.



The bulk of all construction materials have been delivered and loaded into the building, allowing the removal of the last external construction hoist so that the facade can be closed at this elevation. All internal elevators are now in use after installation, testing and commissioning.



DMCC has commenced the construction of the retail areas adjacent to Laguna Tower and to the promenade and concourse walkways. This will complete all structural requirements around the tower and should be complete by mid-2010. IFA HR has signed a memorandum of understanding with a leading restaurant operator to operate one of these retail outlets.



Laguna Tower Exteriors Show Unit Interior








The show apartment

IFA HR recently began the sales and promotion of our Loft and Duplex residences on the 37th and 38th floor. We are upbeat about the interest shown in these units – the only true loft style apartments in Jumeirah Lake Towers. We invite you to visit the show apartment to offer your feedback and to view the furniture package we expect to offer owners at handover.



Staffing

We are also pleased to inform you that Mövenpick Hotels & Resorts, has begun recruitment of the core team we will rely on to provide you and our hotel guests with exceptional service, and preparation of the pre-opening budget is well underway.



As always, the CAM Department manages all correspondence on behalf of IFA Hotels & Resorts. Should you require any further assistance, please do not hesitate to call +971 4 391 2022 or email crm@ifahotelsresorts.com and we will be delighted to help.

Kind regards,

[dubai.manish]

Originally Posted by building1

I sent you a private message. Pls have a look.

Please check ur msg.

[yedaanna]

Rather than giving us more details about the building progress and delivery status they are telling us about Nakheels debt. Don't they have enough mess themself to think about rather than talking about Nakheel. This building will get finished 9 to 12 months after the last crane comes down. Q3 2010 or even Q4 2010 is all lies.

[building1]

the pictures of the show apartment and the lobby look nice; I do not see any sense in opening the hotel before the lakes, landscaping and the other towers next to us are done. we won't see a lot of clients come through the door or rent our apartments. Therefore Q1 or even Q2 2011 is more realistic. But once finished, it will be a great place. I still like the concept and the hotel will add a lot of value to the apartments.

[jnas]

I agree with you. This will be very good once it is finished.

Unfortunatly only concern is that most people have paid 90% of the cost already and intrest is accumlating on an investment they dont have returning anything yet.

[Anaru]

Originally Posted by yedaanna

Rather than giving us more details about the building progress and delivery status they are telling us about Nakheels debt. Don't they have enough mess themself to think about rather than talking about Nakheel. This building will get finished 9 to 12 months after the last crane comes down. Q3 2010 or even Q4 2010 is all lies.

I agree, it is almost as if they are including such in there for their own comfort.

[Imre]

20/April/2010

Laguna Tower

[Anaru]

Thanks Imre, looks like some good progress is being made on the cladding. IFA should be able to make the latest advised handover dates!

[sonakash]

We have no information about the state of progress in the interior. As is known, it takes about 12 months after the crane is taken down
that the hand over is expected to take place, provided the the construction is going at full speed. To postpone completion by 6 months in each IFA update has been the norm rather than exception.

[Imre]

Crane removing begun today.

[Ryaner]

Thanks Imre that is great news - does that mean that the exterior is finished? Do you have any photos ? Is there a large crew of people working on the site as per the update from IFA

[sonakash]

Good news for now, let us hope, hand over by april 2011?
Any pictures of the interior?

[TMZ]

Originally Posted by sonakash

Good news for now, let us hope, hand over by april 2011?
Any pictures of the interior?

If not by April 2011, September 2011 for sure but with Dubai developers who knows

[yedaanna]

Interiors are at pretty advanced stage. I think the building should be ready sept - oct and then it all depends on how much time they take to get the approval from the authorities. Residence units will be delivered first.

[sonakash]

Also if updated pictures of Laguna minus crane could be posted. Thanks.

[Anaru]

Originally Posted by yedaanna

Interiors are at pretty advanced stage. I think the building should be ready sept - oct and then it all depends on how much time they take to get the approval from the authorities. Residence units will be delivered first.

This is positive news! One thing to keep in mind is that Laguna will be one of only two (I think) buildings in the JLT that has a hotel component that offers full service food and beverage. If it proves popular with JLT residents and corporate clients, investors will reap the rewards. Fingers crossed