Burj Al Alam to be ready in 2012 -developerPublish Date: 2009-01-02 05:00:02 Story Code: 8551
Dubai: Property developer the Fortune Group is soon to announce the main construction package for the 108-storey Burj Al Alam, the world's tallest commercial tower, being developed at the Business Bay, a top official said. "Right now, the Middle East Foundations Group is carrying out the shoring and piling works, following which we will be able to finalise the main construction contract for the project," Syed Mohammad Ali, Fortune Group's founder and chief executive, told Gulf News. "About 50 per cent of the project is sold out. We are committed to deliver the project in the first quarter of 2012," he added. The Burj Al Alam is slated to rise 510 metres above the ground. The company has evolved as one of most dynamic real estate development companies in the UAE's fast-paced property market.
Fortune Group's development portfolio has passed the Dh12 billion mark and include Fortune Tower which is one of Dubai's first freehold commercial property at Jumeirah Lake Towers; the Casa Marbella at the Palm-Jebel Ali; Fortune Executive Tower, which is the first freehold duplex office spaces in Dubai; the Fortune Serene, which are residential apartments at the International Media Production Zone; and Fortune Araames, commercial property at Jumeirah Lake Towers. Projects underway are Fortune Bay at Business Bay and Fortune Pavilion at Dubai Sports City. Among these, Fortune Tower has been delivered while Fortune Executive is scheduled for delivery in March 2009. "All our projects are going to be delivered in time. In extreme cases, at best six months delay could occur due to logistics reasons," he said. With a cumulative investment in excess of Dh6.5 billion, the group has approximately six million square feet. of project area under development. Despite the current tight credit condition in the real estate market, Al urged the buyers not to panic. "Don't panic. Our projects are under control and we will deliver them in time," he said. His company has launched a construction linked payment scheme to gain trust of the buyers and investors. "We have launched a payment scheme linked to the progress of construction schedule... However, in view of the current situation, we are allowing the customers the flexibility they need, so that business could continue," he said. Share this story:  Digg
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Printable Copy :  Source: Gulf News Read : 24 |
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