First Gulf Bank unveils tower project in Dubai

Dubai: First Gulf Bank, the UAE's eighth biggest bank by assets, announced plans yesterday to build a 30-floor residential tower near Emaar's Burj Dubai and said it has priced flats attractively to lure buyers.

Bank officials told a news conference the Dh200 million Burj Al Nujoom is the bank's second project in Dubai and will be completed in the first quarter of 2009.

The property, located within walking distance from the world's biggest mall and the tallest building will house 395 apartments - 195 studios, 84 one-bedroom and 113 two, three-bedroom units.

"Burj Al Nujoom will be part of Dubai's grandest business and leisure centre in the near future," Ebrahim Eskiocak, Vice-President Real Estate Department of First Gulf Bank said.

Pricing

Officials said the building's compact design and effective use of space had allowed the bank to price apartments about 10 per cent to 15 per cent lower than similar towers in the area.

Studio apartments have prices starting at Dh457,000, prices of one-bedroom units begin at Dh776,000 while two-bedroom units will retail at Dh1.229 million and over. Some 50 per cent of the units in the building, which has been designed by the National Engineering Bureau, have already been sold after bookings opened yesterday.

First Gulf Bank's real estate unit was launched in 2001 and the Burj Al Nujoom project is the second freehold property it has launched in Dubai after its debut 'Jumeirah Bay' project.

"Burj Al Nujoom is one of the most affordable offers to date, while meeting the high quality standards of Dubai's freehold properties," Eskiocak said.