UAE-based Fakhruddin Properties announced that development of its landmark Dh800 million ($217.8 million) Lake Central project in Dubai is ahead of schedule and on target for completion by late next year.

The high-rise tower, which will exclusively offer commercial property to satisfy the region's 55 per cent year-on-year increase in demand for real estate of this type, has a unique T-shaped design to maximise use of space and is located in the prestigious Business Bay complex.

Recent progress, following initial groundwork construction and site preparation, has been swift and includes completion of all shoring piles, excavations, site clearing, sonic and dynamic testing for foundation pilings and installation of on-site offices, the company said.

The next phase, which covers finishing of several key areas of construction, is now underway.

"The first phase of development has gone exceptionally well and is in line with the company's ethos of producing desirable developments in an efficient manner to the very highest standards," Fakhruddin Group chairman Akbar Fakhruddin said.

"We are on schedule to complete within our original time frame and we're sure that our customers will find Lake Central to be perfect for their commercial real estate needs."

Fakhruddin Properties has also signed an agreement worth Dh177 million with Dubai-based General Construction Company (GCC) to act as a construction partner on the project.

"GCC, and Al Jazeerah Investment, are pleased to be involved in such a landmark scheme that will serve the needs of local businesses and benefit the local community," GCC's parent company Al Jazeerah Investment managing director Hamad Ali Lootah said.