La Fontana di Trevi project in Dubai
Triveni Builders and Promoters Ltd, a Dubai-based developer and a wholly-owned company of the Triveni Trading Group, is offering a total of 20 apartments at its La Fontana di Trevi residential project in Dubai at rock-bottom prices.
The Dhs.80 million La Fontana di Trevi project, which targets the middle-income segment, was launched in Arjan near Arabian Ranches, just off Emirates Road and Dubailand in February 2008.
Mr. Ashok J. Galgotia, the CEO of Triveni Builders and Promoters Ltd, said that the heavily discounted sale covers 20 units including studios, 1 and 2-bedroom apartments that were acquired from distressed defaulters. These ready units will now be given away at below construction cost, and at less than half their original prices.
A few lucky investors and individual buyers will now be able to lay their hands on a great bargain – a studio is being sold for Dhs. 199,000, a one-bedroom for Dhs. 399,000 and a 2-bedroom, which had a price tag in excess of Dhs.1.2 million when the project was launched in 2008, could be purchased for only Dhs. 599,000!
“We are committed to abiding by our group’s core values - to be trustworthy and transparent. Hence, the need to take such decisive action. Given the current situation, one has to be realistic, and try not only to stay in business but also honour all financial obligations. With the monies raised from this sale, we will settle final payments of our GMC (General Main Contractors) who in turn will settle other smaller nominated sub contractors and material suppliers”, Mr. Galgotia said.
La Fontana di Trevi is a low-rise residential development comprising 126 contemporary and elegant residential apartments built on architectural excellence based on the fashionable Chicago Style buildings comprising large "Chicago windows," metal-frame construction, distinctive bays, and terra cotta cladding.
Each of its six floors has 3 studios, 12 one-bedrooms and 6 two bedroom apartments, ranging from 410 sq ft to 1440 sq ft, and based on judicious use of light and space.
La Fontana di Trevi, which is named after the legendary world famous fountain in Rome, is part of the Arjan Master Community in Al Barsha South being developed by Mizin, the project's master developer. Mizin is now part of Dubai Properties Group (DPG).
“La Fontana di Trevi is among the few fast track projects that have been approved by the master developer. We are confident that we will be able to sell the remaining units because there is fresh demand for housing units among the middle-income segment. Prospective buyers, both investors and individual home owners will appreciate the value they will get in return for their investment in our apartments. We already have an exciting list of buyers from different nationalities and cultural backgrounds, who have decided to make La Fontana di Trevi their home”, Mr. Galgotia added.
Triveni Builders and Promoters has also taken measures to protect all its existing and future property owners and investors including the establishment of its own Escrow account. The company is a subsidiary of Triveni Trading Group, which was founded in 1993 in UAE as an engineering company involved in electrical and mechanical engineering products.