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Sun 18 Aug 2013 05:02 PM

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Orion inks deal to buy Dubai apartments

Real estate company signs agreement to purchase 102 units in Dubai Silicon Oasis

Orion inks deal to buy Dubai apartments

Orion Holdings, a private-owned residential and commercial property group, has announced the acquisition of property worth AED57.7m in Dubai.

The company said in a statement that it has bought more than 100 units in the Axis Residences community at Dubai Silicon Oasis, from Gulf General Investment Company (GGICO), a public joint-stock company listed with the Dubai Financial Market.

The agreement sees Orion owning a total of 102 units in Axis Residence 6, which constitutes almost the entire built-up area of the building.

The Axis Residences offers one-bedroom apartments and also features facilities including swimming pools, fitness centres, and a landscaped podium.

Samir Munshi, managing director, Orion Holdings, said: "Dubai Silicon Oasis has the potential to see high growth over the next quarter. In fact, with the increasing demand for rentals, the area is likely to be seen as a hotspot for investment.

"We have had a long-standing association with GGICO and have partnered with them on several successful projects. This partnership is only set to grow, with negotiations underway for new collaborations that will be announced in the near future," he added.

Orion's sales arm, Silver Heights, will offer the units under its possession on a payment plan that entitles investors to take possession with a 35 percent down payment. The remainder of the cost will be spread over three years, the statement said.

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