Escan Investment and Real Estate Development has announced the launch of Al Fanar Towers, a mixed-use beachfront development located in the city of Fujairah.
The project comprises three towers: one commercial, one residential and another 20-storey building - its use will be decided later, according to the developer.
The construction of the Dh1.2 billion development is under way and the project is scheduled for delivery in 2013.
GCC residents and investors with a 49 per cent stake in a company are eligible to buy freehold properties in the project, while the units are available on a long-term leasehold basis to other expatriates.
Saeed Al Muhairi, board member and acting CEO of Escan, says, "Expatriates who want to invest in the project can buy units on a leasehold basis. The lease period will be up to 150 years."
The 37-storey residential tower will feature 35 floors of designer apartments including studios (70m²), two- and three-bedroom units (114m²-152m²), as well as three- and four-bedroom penthouses (218m²-306m²), while two basement levels will house car parking.
The 30-floor commercial tower will offer office space with views and underground parking, according to Escan. The development will be the first in the emirate to feature smart technology systems.
"The launch price of residential units starts from Dh600/ft² while the price for commercial units is yet to be decided," says Saeed.
Payment will be in quarterly instalments with 35 per cent to be paid upon handover. Escan has made Salwan Property Management the exclusive sales agent for 50 per cent of the project for six months."We feel that the success that Salwan have demonstrated with their previous projects and the experience and knowledge gained in the market makes them the perfect real estate company to partner with, on a project as exciting as Al Fanar Towers," says Saeed.
Located at Plot 80, Street 1 in Fujairah, about 15-20 minutes drive from Fujairah International Airport and about 10-15 minutes from the Fujairah Trade Centre, access to the project will improve with the completion of the Dubai-Fujairah highway, scheduled for completion at the end of the year.
Once this is finished, the developer estimates that driving time from Al Fanar Towers to Dubai or Sharjah could be as little as 45 minutes.
bpanicker@alnisrmedia.com
