Leading Dubai-based Real Estate Development Company, Fortune Group, said that it plans to set up a dedicated sales centre at Abu Dhabi to tap the large base of investors there. This was announced at a special ceremony held at the Emirate to present the Group’s flagship project, the AED 4 billion, Burj Al Alam to investors there.
Fortune Group recently announced that 45% of commercial space at the Burj Al Alam was sold out in a record time. Located at the Business Bay, a total of over one million sq. ft. of prime commercial space will be made available across the first 74 floors of the 108 floor tower. The top 27 floors of the tower will be dedicated to hotels and service apartments, while rest of the space will be taken up by retail developments within the tower.
The Burj Al Alam investor launch at Abu Dhabi was held at Emirates Palace Hotel yesterday under the patronage of Sheikh Dr. Sultan Bin Khalifa Al Nahyan – President of the Crown Prince Court and Member of the Executive Committee. Sheikh Dr. Sultan Bin Khalifa Al Nahyan said, “In accordance to the vision of my father we want UAE to become the center of attraction for the region in particular and the world in general. Thus, we are looking forward to joint venture opportunities with Fortune Group in Dubai and Abu Dhabi. Further details for our partnership will be disclosed in due course.”
Presenting the world’s tallest commercial tower to the investors, Mr. Ahmed Khoory, Chairman – Fortune Group said, “As a landmark tower, the Burj Al Alam has been well accepted by the regional investors. We have identified Abu Dhabi as one of our primary markets with good investing potential and are expecting a significant participation in this project from here. We intend setting up a dedicated sale centre shortly to directly service investor requirements and offer lucrative opportunities associated with this master development.”
Commenting on future plans of the Group, Mr. Syed Mohammad Ali, CEO – Fortune Group said, “The Abu Dhabi real estate market has been experiencing unprecedented growth over the past two years and is poised to grow further. With investments in excess of AED 6.5 billion in niche real estate projects in Dubai, we are now looking at Abu Dhabi for our next project. The city’s strong economic indicators have prompted projections of a steep growth in population in the next few years. We believe this will give rise to a huge demand for real estate.”
Aside from its formidable height of over 480 meters, the Burj Al Alam is designed to resemble the stem of a flower with its crown shaped to signify a blooming crystal flower. An architectural wonder that tapers at the centre to blossom as it shoots into the sky is poised to be the most striking in the aesthetic sense. Expected to be completed by the end of 2009, the Burj Al Alam will also house the world’s highest hotel.
Fortune Group has tied up with Amlak to offer finance facilities of up to 90% to investors. Finance packages will be made available to UAE nationals, residents as well as GCC and other overseas investors. The tenure will vary over a span of a maximum period of 25 years based on the eligibility criteria.
Fortune Group’s current investments in Dubai real estate is valued at over AED 6.3 billion across seven exclusive commercial and residential freehold projects. An integral part of Dubai’s freehold market, the Fortune Group has developed the most innovative residential and commercial spaces in the Emirate. Burj Al Alam is the Group’s most significant project development coming up at Business Bay. Other group projects are located at Jumeirah Lake Towers, Palm - Jebel Ali, Dubai Sports City and International Media Production Zone.
