Business | Property
Gulf General Investment begins phase two of Axis Residences
Gulf General Investment Company (GGICO) yesterday launched phase two of its Axis Residences at Dubai Silicon Oasis with a project value of Dh1.3 billion.
- By Suzanne Fenton, Staff Reporter
- Published: 00:17 April 16, 2008
- Image Credit: Supplied picture
- A computer-generated image of the Axis Residences. The first building is due for handover in October.
Dubai: Gulf General Investment Company (GGICO) yesterday launched phase two of its Axis Residences at Dubai Silicon Oasis with a project value of Dh1.3 billion.
The project comprises 870 units in six buildings spread over 350,000 square feet of land. The total sellable area is nearly one million square feet, said Mohammad Abdullah Juma Al Sari, managing director of GGICO.
The first building is due for handover in October 2008 and the remaining five are expected to be handed over in late 2009.
The current value of the project is Dh1.3 billion but this is growing "minute by minute", said Peter Penhall, chief executive officer of global property portal, Gowealthy.com.
Five of the buildings are low-rise and the sixth is located in open space, overlooking Al Ain Road.
Al Sari said that his company's current portfolio includes 28 developments spread across Dubai with an overall value of Dh5 billion, including Horizon Towers and Emirates Crown in Dubai Marina.
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