Developer funded project offers the ideal finance solution for buyers

Dubai, 5th November 2008: Gulf General Investment Company (GGICO), one of Dubai's leading diversified group of companies, reiterated its commitment to the UAE real estate sector with the launch of the third phase of Axis Residences in Dubai Silicon Oasis. The new 1.3 million sq ft, AED 2.1 billion eight tower (G+8) phase comes with a guaranteed hassle-free home finance plan and is set to build on the success of the first and second phases of the development which were sold out. Gowealthy.com, Dubai's leading property consultants will be lead managing the sales and marketing of the eight towers in the third phase.

Axis Residences - phase three offers an opportunity to own property in Dubai with payments spread over 100 months, a proposition that is bound to enable many prospective buyers to invest with ease and assurance. Along with the low down payment of 3%, the affordable monthly payment plan spanning 100 months has been carefully structured to meet the needs of property buyers without having to deal with the hassle of bank loans and high interest rates. This initiative which comes directly from the developer, makes it extremely convenient for both investors and prospective home-users who will now be able to buy a home of their choice with complete peace of mind.

"The current financial market position has forced out the short-term speculator and the local real estate market is now underpinned by a combination of longer-term investors and end-users who understand the long-term benefits of property investments. Still, the scarcity of mortgage finance is a major concern for most property purchasers. With Axis Residences, GGICO not only offers properties that suit mid-income budgets but also facilitates its financing through an innovative structured finance plan provided directly by them. With a fixed monthly payout of just AED 9,500 during construction period and a payment plan structured over the following eight years, it is our endeavor to provide the most optimum financial assistance to our clients who will inevitably also have pre-existing rental commitments, adding to the burden of property purchase," commented Peter Penhall, Chief Executive of Gowealthy.com.

"As a developer, we continuously strive to demonstrate our affirmative sentiment and long term commitments to this market. The market's whole-hearted acceptance of the two phases of Axis Residences has encouraged us to launch this new phase, while GGICO's forward-planning and diversified business portfolio provides us with the stability and sustainability to continue with our investments in the UAE property sector. As always our partnership with Gowealthy spurs our efforts to offer optimal solutions that accurately address the needs of our wide spread customer base," commented Mohamed Abdallah Juma Al Sari, Managing Director of GGICO.

Since its launch in 2007, Axis Residences has enjoyed an unprecedented response from investors and buyers alike. The key reason being it is one of the few properties in the market offering extremely convenient payment plans coupled with its prime location at Dubai Silicon Oasis, the only free zone in Dubai being designed as an integrated community.  Axis Residences' third phase towers have the same high level amenities investors and home owners have come to expect from GGICO. The apartments boast of quality with the best possible luxury add-ons, at affordable rates. The numerous layouts allow purchasers ample freedom to maximize interior design requirements according to their taste and requirements. 

Offering spacious 1, 2 and 3 bedroom apartments, Axis Residences mixes home, work, and play within the immediate vicinity. On the Emirates Road and within Dubai's upcoming technology hub, the Dubai Silicon Oasis, the location makes all of New Dubai and its amenities easily accessible to young working professionals - a location of choice for such entities as Emirates Group, who have a significant presence in both phases of the residential villa complex. Residents can work off the day's stress at the fitness centre or beat the heat in the pool. After relaxing or working up a sweat, they can retreat to their homes featuring spacious terraces or balconies and inviting living spaces.

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About Gowealthy.com
Gowealthy.com is a global property and lifestyle portal, providing comprehensive information on international real estate and freehold properties in Dubai, overseas relocation and tax havens, offshore banking and incorporations, tax free investments, travel and entertainment. Gowealthy offers a full-range of marketing and specialized solutions for property developers, investors and retailers with its premier brand gowealthy.com capitalizing on the need for online financial and property marketing services.

About GGICO
GGICO, Gulf General Investment Co P.S.C, is a BBB rated Public Shareholding company listed in the Dubai Financial Market. GGICO, a 35 year old company is a widely diversified group with 35 Subsidiaries and Affiliates. The Real Estate division has proven track record with highly successful master developments. Horizon Towers and Emirates Crown in Dubai Marina and Olympic Park in Dubai Sports City are only a few examples. 

For further information, please contact:
Perspective Public Relations
Nick Wheywell,
Tel: +971 4 364 2414,
Mob: +971 50 655 8682,
Fax: +971 4 369 7635
email: nick@perspectivepr-me.com

Arafaat Ali Khan,
Tel: +971 4 364 2414,
Mob: +971 50 698 6818,
Fax: +971 4 369 7635
email: arafaat@perspectivepr-me.com

© Press Release 2008