Finding opportunities in distressed real estate: How a developer ‘rescued’ troubled project in Dubai
Do you remember the Dubai Star project in the upmarket Jumeirah Lakes Towers (JLT) cluster L? Chances are that you don’t. The 45-storey building was abandoned by its initial developer following the 2009-2010 global economic downturn. After reaching 40 per cent in the construction stage, the Dubai Star came to a grinding halt, putting more…