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Wed 9 Sep 2009 07:10 AM

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Fortune Group aids investors to hit tower deadline

Flexible payment plans offered as developer aims for office tower handover in Nov.

Fortune Group aids investors to hit tower deadline
HAND OVER: Construction goes on at the Fortune Executive Tower, picture taken in July.

Investors in Dubai's first duplex office development has been offered "flexible payment plans" in an effort to keep the project on track for completion, developers have announced.

The Fortune Group said it plans to hand over its second commercial project - Fortune Executive Tower - towards the end of this year.

The Dubai-based developer, which has a project portfolio of more than AED12 billion, added that offering a flexible payment structure to investors meant units could be handed over in November.

The 35-storey freehold commercial tower located in Jumeirah Lake Towers, was sold out, said Syed Mohammed Ali, CEO, Fortune Group.

Commenting on the flexible payment structure offered to the investors of Fortune Executive Tower, Ali added: "Fortune Group is committed to the people who have put their trust in our brand and have committed money to our project.

"Despite our own financial constraints, we are not only pushing ahead towards completion of Fortune Executive Tower but have also adopted a very flexible approach towards payments.

"We are offering our investors multiple payment options, depending on individual cases. Our revised payment options have been tailored to reflect the new market reality. "Through realistic bench-markings, we intend to alleviate the financial stress for our investors and at the same time help them to retain their properties."

The project offers 400,000 sq ft of office space across 247 units. Malaysian based IJM Corporation was awarded the construction contract for the AED350 million project.

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