Baani's portfolio set to hit Dh1bn
Total investment portfolio of Baani Group, a Dubai-based real estate company, will cross $1 billion (Dh3.67bn) in a year's time with two more launches being planned this year, a top company executive said.
"We will be launching a commercial project in the Al Furjan development of Nakheel very soon and another project after that," Virendra Bhatia, President, Baani Group, told Emirates Business.
The company yesterday unveiled iDubai, a Dh1.5-billion residential twin-tower at Dubai Maritime City. The Sky Tower will house sky villas on 38 levels, offering one villa per floor with three bedroom suites. The premise of the villas is to ensure that residents will enjoy panoramic views of the rising and setting sun with the harbour on one side and the ocean on the other. The top of the tower will house a three-level penthouse, offering access only to the residents of the floor, an advanced security system, and timber veneer cabinetry in the kitchen.
The iTower is inspired by water, and comprises 45 levels with a selection of one and two bedroom suites, starting in the range of 890 square feet to 1688 sq ft. Each floor will house seven units and will feature two levels of duplex penthouse villas and a two-level mechanical floor.
In addition to the retail outlets and terraced gardens, facilities for residents will include swimming pools, tennis court, fitness centre, club with a spa, library, business centre and guest suite.
"We will commence soil testing in the next two weeks and the construction is expected to be started within six weeks. We are holding discussions with AA grade contractors and an announcement will be made once we sign the contract," Bhatia said.
Baani Group is also holding talks with Amlak Finance and HSBC for end-user financing.
"About 35 per cent of the iTower has already been sold. Apartments and villas will start selling from Dh3,450 per sq ft, increasing Dh20 per floor," said Gowealthy.com Chief Executive Peter Penhall, who have been appointed as the lead sales agent for the project. We will be selling the project in London and other locations through our international offices," he added.