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FuGen launches Dh500m housing project in UAQ
FuGen, an UK-based international project management and investment company, recently launched a Dh500 million affordable housing project - Rainbow Towers - in Umm Al Quwain.
- Staff Report
- Published: 00:00 November 27, 2006
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Dubai: FuGen, an UK-based international project management and investment company, recently launched a Dh500 million affordable housing project - Rainbow Towers - in Umm Al Quwain.
"The project which comprises seven towers and 1,008 flats is targeted at lower income families and individuals who face an unprecedented increase in rents especially in Dubai, and more recently, albeit not as drastically, in Sharjah and Ajman," the company said.
Its official launch date will be announced at a future date as the project is awaiting municipality clearance.
Investors on the project include, the Bahrain based Venture Capital Bank (VC Bank) with a paid up capital of $66 million and a GCC widespread shareholder base comprising 80 high net worth individuals and corporate investors.
Investors include Al Shanfari Group of companies, Oman's leading business conglomerate, represented by Shaikh Saeed Al Shanfari, chairman of Al Shanfari Group, who was the Oman Oil and Mineral Resources Minister in 1993 and the UK-based GEM Group.
"The Rainbow Towers project was designed to satisfy a very large gap that has developed over the past two years between peoples' incomes and the rents that they pay," said Joni Sukumaran, managing director of FuGen Homes.
"With rents increasing at a much higher rate than incomes, especially in Dubai and now in Sharjah and Ajman, lower income families and individuals are struggling to make ends meet.
"Our offering - where studio apartment prices start from Dh99,000."
The architectural concept and design was developed by Eronat Engineering Consultancy, an independent firm of consulting engineers, architects and planners, with capabilities covering most fields of engineering, project planning, development and complete design.
Bumimetro Construction, one of the leading real estate development and construction companies in Malaysia, was contracted to undertake the construction of the Rainbow Towers project. Bumimetro is experienced in constructing various types of commercial and residential buildings, including affordable housing complexes.
FuGen recently expanded its activities into the UAE with offices in UAQ and Dubai. In association with its investment arm FuGen Homes Ltd in Jersey, and its subsidiary FuGen Homes Umm Al Quwain Ltd, FuGen Group is planning to develop a number of properties in different Emirates of UAE.
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