The developer of La Fontana di Trevi, a residential project in Arjan, Dubailand, is willing to sell 40 units at construction cost in order to settle the contractor's final payment and meet expenses related to the handover, Emirates 24|7 can reveal.
“We are ready to sell 40 units, which we have taken back from our defaulters, at construction price as we need to pay our contractors and meet other expenses before handover. We need Dh9 to Dh10 million for the purpose,” said Ashok J. Galgotia, Chief Executive Officer, Triveni Builders and Promoters Limited.
“Although we will receive 20 per cent on handover from our customers, we still need more money to meet all our expenses,” he added.
In February, this website reported that a developer in Business Bay was looking to sell his apartments at construction cost. However, no deal has yet been struck for the project.
And not to make his 60-odd investors "unhappy", Galgotia will give them the first chance to buy the apartments at construction cost.
“I will offload the units in the market only if they [investors] reject my offer.”
Galgotia claimed his project is among the few the “fast track” projects approved in Arjan community by Mizin, the master developer.
“The master developer has told us that our project will get power connection from Dubiotech.”
Triveni will still be holding 20 apartments which it plans to put on the rental market, he added.
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