Wednesday, April 16, 2008

GGICO launches Phase Two of Axis Residences project worth Dhs1.3bn at Dubai Silicon Oasis

GGICO P.S.C., one of Dubai's leading diversified group of companies listed on the Dubai Financial Market, has launched the second phase of the hugely successful Axis Residences in Dubai Silicon Oasis totaling a value of over Dhs1.3bn.Continuing the successful partnership, Dubai's award winning real estate broker, will be exclusively handling the commercial sales and marketing of the 7 towers.

GGICO has developed a focused strategy for the coming years and is poised to replicate its proven track record of highly successful master developments including Horizon Towers and Emirates Crown in Dubai Marina, Olympic Park in Dubai Sports City and the initial phase of Axis Residences which is due for completion in the fourth quarter of 2008. Of the seven towers, one is schedule for completion during 2008, giving further credence to GGICO's commitment to deliver an enhanced value proposition with all its offerings.

'Once again,'s innovative marketing strategies proved very successful with the first phase of the project accomplishing a complete sellout before the official end of the launch period. In such a competitive market it is imperative we form alliances with partners that can ensure our developments are the focal point in the market place to potential investors. Vision sharing and common goals are basic but intrinsic factors that GGICO implements in all its practices across the 30 subsidiaries and affiliates, and aided in establishing ourselves as a leading diversified business group over the company's 35 year history in the region,' commented Mohamed Abdallah Juma Al Sari, Managing Director of GGICO.

Axis Residence second phase towers boast the same high level amenities investors and home owners have come to expect from GGICO. All of the towers provide tenants with modern and well appointed interiors with spacious balconies and terraces maximising the various views on offer. In addition, buyers can expect a great leisure package including pools, health clubs, male and female gyms, and open air relaxation areas. Safety has been given high priority with every apartment equipped with leading safety features including a security system, fire safety and alarm system, smoke detection system and child-proof electrical switches. Finally, an intercom between all apartments makes the entire property well connected, and MAT TV and satellite infrastructure provide every apartment with world-class entertainment.

GGICO will once again be offering a tailor-made market leading 7.5 year payment plan; an initial booking deposit of 5% of the value of the unit as the first Installment, followed by a further 5% of the value payable within 3 months of booking installment. The remaining 90% is payable in equal 1% installments from October 2008, over 90 months.

'The initial payment plan with the first phase of the project proved to be very successful and an excellent draw for investors in this competitive market. With this second phase we believe GGICO has once again raised the bar with a tailor made plan to facilitate investors - we expect this to take the market by storm!,' commented Peter Penhall, Chief Executive of


greg said...

I am a realtor in arizona and hear so much about Dubai. Is there enough to last in the real estate market there. greg moser

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