DUBAI--(BUSINESS WIRE)--Al Fajer Properties (AFP) is pleased to announce the successful uptake of its recent discount offer which has given customers the option to reduce their outstanding liabilities through early settlement based, on purchase price and outstanding balance. This offer was taken up by customers holding a total of over AED 600 million in contract value equating to approximately 317,000 square feet in its Jumeirah Business Centre development.

The unprecedented offer was issued upon the direction of the President of AFP, His Highness Sheikh Maktoum bin Hasher Al Maktoum, who initiated a multifaceted solution in order to assist AFP’s customers given the current market conditions. Sheikh Maktoum was quoted as saying “In these difficult times I am happy to say that AFP has been working very closely with its customers, who now have properties in line with current market valuations.” This latest decisive action is yet another feather in the cap of AFP showing its continued commitment to working with its customers to help them navigate through tough economic conditions.

Through this offer AFP has also been able to further communicate with its customers, helping separate end users and long-term investors from speculative ones. It has also given the company the ability to preplan for expected defaults by speculative buyers.

Al Fajer Properties also expressed its pride in having a strong banking partner such as ADCB to help finance its customers. The company is currently anticipating handover on phase 1 of its flagship project within the JLT beginning August 31^st, 2009.

AFP is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a 5-floor atrium within the lobbies of its towers. Its towers, situated within a free- zone, once completed will offer high-end commercial properties attracting both large local companies and multi-national organizations from around the world. The unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totaling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across phase 1 and phase 2 of its flagship project.

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Al Fajer Properties (AFP)

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.

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