GGICO launches third phase of Axis Residences

Dubai-based Gulf General Investment Company (GGICO) launched the third phase of Axis Residences in Dubai Silicon Oasis.

The new 1.3 million square feet, Dh2.1 billion eight tower (G+8) phase will have one, two and three bedroom apartments which come with a flexible home finance plan spread over 100 months with a low down payment of three per cent.

Gowealthy.com, a Dubai-based property consultant, will be lead managing the sales and marketing of the eight towers in this phase.

"The current financial market position has forced out the short-term speculator and the local real estate market is now underpinned by a combination of longer-term investors and end-users who understand the long-term benefits of property investments. Still, the scarcity of mortgage finance is a major concern for most property purchasers. With Axis Residences, GGICO not only offers properties that suit mid-income budgets but also facilitates its financing through an innovative structured finance plan provided directly by them," said Peter Penhall, Chief Executive of Gowealthy.com

"With a fixed monthly payout of Dh9,500 during construction period and a payment plan structured over the following eight years, we endeavour to provide optimum financial assistance to our clients who," he added.

"We continuously strive to demonstrate our affirmative sentiment and long-term commitments to this market. The market's whole-hearted acceptance of the two phases of Axis Residences has encouraged us to launch this new phase, while GGICO's forward-planning and diversified business portfolio provide us with the stability and sustainability to continue with our investments in the realty sector," said Mohamed Abdallah Juma Al Sari, Managing Director of GGICO.