Reflecting strong investor confidence and robust demand for freehold commercial space in Dubai, leading Real Estate Development Company, Fortune Group, recently announced that 45% of commercial space at their flagship project Burj Al Alam, has been sold out in just four weeks from commencement of sale. The AED 4 billion landmark development at Business Bay received an overwhelming response attracting a diversified set of regional investors.
Launched in April 2006, official sale of commercial space at this landmark project, tipped to be the world’s tallest commercial tower, opened during the first week of May. Fortune Group has planned an investor road show in Abu Dhabi early next week that will kick start a series of out of city sales initiatives that will also span select international markets.
Burj Al Alam is the most incredible edifice dedicated to commercial space in Dubai’s growing reputation in the world of business. Of its total 108-storeys, 74 storeys will be dedicated to offices, while 27-storey will be taken up by hotels and service apartments. The balance will be covered by retail spaces.
Terming the investor response as phenomenal, Mr. Ahmed Khoory, Chairman – Fortune Group said, “Burj Al Alam is indeed a world landmark and I am delighted with the response we have received for this project. We adopted a focused marketing and pricing strategy which contributed towards the strong investor response. The sell out of 45% of the project in record four weeks from commencement of sale of commercial space clearly indicates the ever-increasing demand for freehold commercial properties.”
“We are also pleased to learn that prime sections of this prestigious commercial space is already trading at a premium in the secondary market. This clearly indicates the confidence buyers have in Burj Al Alam’s potential to appreciate in value”, Mr. Khoory added.
Commenting further, Mr. Syed Mohammad Ali, CEO – Fortune Group said, “Our next step is to tap new markets. Our immediate focus is on Abu Dhabi where we see immense potential from that growing city. We will take our project to the investors there early next week. Our future plans are to conduct international road shows in order to increase the mix of investor profile.”
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. Burj Al Alam will also house the world’s highest hotel. Expected to be completed by the end of 2009, the total commercial space available at the tower is over one million sq. feet.
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.
