Fortune Group opens sale of commercial space at Burj Al Alam
Wednesday, May 17, 2006 at 12:53
In one of the largest releases of freehold commercial space in the UAE, leading Dubai-based Real Estate Development Company, Fortune Group, announced that it has officially opened sale of commercial space at their recently launched flagship project, Burj Al Alam – the world’s tallest commercial tower. This project is being developed at an estimated value of AED 4 billion at Business Bay.
Commercial space in evenly distributed clusters totaling over one million sq. ft. will be made available across the first 74 floors of the 108 floor tower.
Fortune will also customize space so as to meet investor requirements. The base price has been fixed at AED 1350 per sq. ft. for the commercial space of this prestigious project and is expected to attract substantial premium in the near future. The top 27 floors of the tower will be dedicated to hotels and service apartments, while rest of the space will be taken up by retail developments within the tower.
Commenting on this development, Mr. Ahmed Khoory, Chairman – Fortune Group said: “The initial pre-launch bookings and reservations itself will amount to a significant percentage of the sales. In line with our strategy, we will also offer a sizeable amount of space to global investors and seekers of premium commercial space. Our focused marketing and pricing strategy along with the given demand for commercial space in Dubai, we are confident that Burj Al Alam will be sold out in record time.”
The Group has also received overwhelming response for the huge retail space that constitutes the multiple podium levels of the tower. Said Mr. Syed Mohammad Ali, CEO – Fortune Group, “We are happy to note that some of the world’s leading brands have approached us for exclusive retail space at the Burj Al Alam. As of now, we are consciously inviting only expressions of interest from prospective investors. While the retail space will be released for sale shortly, we will screen all investors to ensure the presence of only premium brands of international repute spanning an even mix across all sectors.”
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.
To be the tallest and the most incredible edifice dedicated to commercial space, Burj Al Alam will reflect Dubai’s growing eminence in the world of business. Aside from its formidable height, the project 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.