Issue No 290 - 10 Nov 2008
GGICO unveils Axis Residences phase 3

Gulf General Investment Company (GGICO), one of Dubai's leading diversified group of companies, reiterated its commitment to the UAE real estate sector with the launch of the third phase of Axis Residences in Dubai Silicon Oasis.

The Dh2.1 billion eight tower (G+8) phase, comprising 1.3 million sq ft area, comes with a guaranteed hassle-free home finance plan and is set to build on the success of the first and second phases of the development which were sold out, said a company official., Dubai’s leading property consultants will be lead managing the sales and marketing of the eight towers in the third phase.

The third phase of the project offers an opportunity to own property in Dubai with payments spread over 100 months, a proposition that is bound to enable many prospective buyers to invest with ease and assurance, commented Mohamed Abdallah Juma Al Sari, managing director of GGICO.

"Along with the low down payment of 3 per cent, the affordable monthly payment plan spanning 100 months has been carefully structured to meet the needs of property buyers without having to deal with the hassle of bank loans and high interest rates," Al Sari noted.

This initiative, which comes directly from the developer, makes it extremely convenient for both investors and prospective home-users that will now be able to buy a home of their choice with complete peace of mind, he added.

"The current financial market position has forced out the short-term speculator and the local real estate market is now underpinned by a combination of longer-term investors and end-users who understand the long-term benefits of property investments," said Peter Penhall, chief executive of

"Still, the scarcity of mortgage finance is a major concern for most property purchasers.

With Axis Residences, GGICO not only offers properties that suit mid-income budgets but also facilitates its financing through an innovative structured finance plan provided directly by them," he opined.

"With a fixed monthly payout of just Dh9,500 ($2586) during construction period and a payment plan structured over the following eight years, it is our endeavor to provide the most optimum financial assistance to our clients who will inevitably also have pre-existing rental commitments, adding to the burden of property purchase,” Penhall commented.

“As a developer, we continuously strive to demonstrate our affirmative sentiment and long term commitments to this market. The market’s whole-hearted acceptance of the two phases of Axis Residences has encouraged us to launch this new phase, while GGICO’s forward-planning and diversified business portfolio provides us with the stability and sustainability to continue with our investments in the UAE property sector," said Al Sari.

"As always our partnership with Gowealthy spurs our efforts to offer optimal solutions that accurately address the needs of our wide spread customer base," he added.

Offering spacious 1, 2 and 3 bedroom apartments, Axis Residences mixes home, work, and play within the immediate vicinity.

On the Emirates Road and within Dubai’s upcoming technology hub, the Dubai Silicon Oasis, the location makes all of New Dubai and its amenities easily accessible to young working professionals – a location of choice for such entities as Emirates Group, who has a significant presence in both phases of the residential villa complex.

Source: Trade Arabia News

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