Sunday, May 30, 2010

Escan announces sale of Al Fanaar development

Fujairah Escan Investment and Real Estate Development announced sale of one of its projects in Fujairah, while the property firm also revives another project along the emirate's coast in Dibba.

The Al Fanaar development, announced for sale, presents three towers facing the sea, a 30-storey commercial building, and a 37-storey residential abode. The use of the third 20-storey tower is yet to be decided. The development features designer apartments ranging from studios to three bedroom apartments, four bedroom penthouses, all equipped with smart home technology.

Located in the heart of the city, the Dh.1.2bn development is linked to the new Dubai-Fujairah fast route, likely to be completed by end of the year, with easy accessibility to Dubai International Airport. The construction is underway and handover is likely by 2013.

The residential units have been launched at Dh.600 per square foot. Payments are to be made on quarterly basis, and 35 percent at the time of delivery. The prices of commercial units are yet to be decided.

The units will be offered directly to GCC residents, while the expatriates will have to purchase it through their companies and should be 51percent owned by an Emirati.

Escan also plans to move ahead with Golden Sand Beach Resort project, announced in 2007. The foundation work is already complete, the company said.

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