Tuesday, August 26, 2008

Fortune Group to announce Dh.2.5bn worth projects this year

Fortune Group International, the Dubai-based developer is likely to announce five projects, worth Dh.2.5bn by December this year, revealed a top official of the company.

The five projects, covering a built-up area of more than two million square feet, will be launched a residential project, 'Fortune Bellevue' in Park View master development, agreed Saeed Zuberi, the Chief Executive of Fortune Group International.

The company has already launched 'Fortune Heights', a Dh.250mn project at Park View in Ajman. This mixed-use development will house 400 residential units in its 25 storeys, and 90 commercial units in 10 floors.

Park View, a master-plan development by ABH Property, located in proximity to Emirates City, is scheduled to be complete by 2011. A six-acre public park will form the core of the development.

The introductory prices for studio apartments at the Fortune Heights is Dh.550 per square feet, but the prices are likely to go up to Dh.560 per square foot in a week's time.

The single bedroom and double bedrooms are selling at Dh.540 per square foot. The payment can be made within three years, with a 10 percent down payment.

The developer has opened an escrow account in Ajman, which is under negotiation with banks for providing Islamic home finance to its clients. The company plans to finalize deals with a couple of banks in the next one month's time.

Other projects of Fortune Group International are the Fortune Doctor's Tower and Fortune Boulevard at Park View.

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