Tuesday, March 29, 2011

Dubai Developer to sell 40 apartment units at construction cost

The developer of La Fontana di Trevi, a residential project in Arjan, Dubailand, has announced sale of 40 units of the development at construction cost, in order to settle the final payment and meet expenses pertaining to the delivery of the project.

The Chief Executive Officer of Triveni Builders and Promoters Limited, Ashok Galgotia, said about 40 units that have been taken back by the company from its defaulters, as the company needs to pay contractors and meet other expenses prior to handover, which requires another Dh.9mn to Dh.10mn. Despite the 20percent to be received at the time of handover from customers, more money is required to meet all expenses.

Galgottia mentioned that he will offer his 60-odd investors the first chance to purchase apartments at construction cost. Only if the investors turn down the offer, the units will be offloaded in the market.

Galgotia claimed that his project is one among the few “fast track” projects approved in Arjan community by Mizin, the master developer.

2 comments:

makati apartments said...

I hope the apartments won't end up like the Burj Khalifa which was delayed due to money constraints. How much would each apartment cost to purchase and, of course, what's the floor area.

Michael Carver said...

I've read that a two-bedroom apartment is now being sold for only Dhs599,000 from the original price of Dh1.2 million. That's a huge discount!

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