Issue No 290 - 10 Nov 2008
Goldcrest towers sale nets $408.3m

Goldcrest Properties, a member of one of the leading property developers in the region, Giga Group, has reported sales of Dh1.5 billion ($408.3 million) from Smart Towers, a freehold residential development comprising eight luxury residential towers.

A Dh2 billion ($544.4 million) project, Smart Towers, was launched in two phases. The first phase started in June and got sold out in just 15 days, with a flexible four-year payment plan for its customers.

The second phase was launched by end of June and was sold out in just 10 days, said Amir Giga, managing director of Goldcrest Properties.

Giga pointed out that the company's focus during the first quarter of 2008 was on unveiling additional premium residential and commercial property in the UAE to meet the growing demand for luxury developments.

During the period, customer response to the sale of Smart Towers in Ain Ajman was overwhelmingly positive, with sales moving considerably faster than initially anticipated, he said.

''Goldcrest's flagship project has evolved to become Ajman’ most compelling new lifestyle destination for middle income home owners. We are confident that Smart Towers will live up to their reputation of being a state-of-the-art, luxury residential address in Ajman, while at the same time contributing to making Ajman one of UAE’ desirable hotspots,' Giga explained.

'The fact that we have customers from around 50 varied nationalities at Smart Towers adds emphasis to the opportunity here, which is attracting global interest,'' he added.

When completed, Goldcrest Smart Towers will boast of more than 3,600 luxury apartments comprising of studios, single-bedroom and double-bedroom units.

The construction is set to begin in the mid 2009 and the project is scheduled for completion in 2012.

The group’ current portfolio comprises Dh8 billion worth of residential developments in UAE, with around 10,000 residential units sold in Dubai.

With further developments in the pipeline, Giga Group aims at securing a considerable market share in Dubai's booming property sector with aims of expanding its project portfolio to reach $11 billion in 4 years, Giga said.

Source: Trade Arabia News

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