Fortune Group plans five projects worth Dh2.5bn |
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Fortune Group International, a Dubai-based developer, will announce five projects worth Dh2.5 billion by December, a top company executive said.
"The five projects will have a built-up area of two million square feet. We will be launching a residential project, Fortune Bellevue in Park View master development," Saeed Zuberi, Chief Executive, Fortune Group International, told Emirates Business.
The company yesterday launched Fortune Heights, a Dh250-million project in Park View in Ajman. The mixed-use building will house 400 residential units in 25 floors and 90 commercial units in 10 floors.
Park View is a master-plan development by ABH Property located adjacent to Emirates City. It is scheduled to be completed by in 2011. At the heart of the development will be a six-acre public park.
"Launch prices of Fortune Heights' studio apartments was Dh550 a square foot. We are planning to raise that to Dh560 a square foot in a week's time."
The one-bedrooms and two-bedrooms are selling at Dh540 a square foot. The payment plan is across a three-year period with 10 per cent down payment.
"After 90 days another 10 per cent will be payable and, thereafter, seven per cent of the property value to be paid in quarterly installments. At the time of hand-over the last 10 per cent will be payable," said Zuberi.
The developer has opened an escrow account in Ajman and is in negotiation with banks to provide Islamic home finance to its clients. "We expect to finalise the deal with a couple of banks in three to four weeks time," he said.
Other projects of Fortune Group International are Fortune Boulevard and Fortune Doctor's Tower in Park View.
By Anjana Kumar
© Emirates Business 24/7 2008
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