Triveni Builders and Promoters Ltd (TBPL), a Dubai-based developer wholly owned company by the Triveni Trading Group, last week announced that 60% of its $27 million, La Fontana di Trevi apartments project in Dubai – launched just weeks ago - has been sold. Positioned as a mid income family development, La Fontana is a six storey low rise building located in the Arjan Master community in Dubai Land.    

“La Fontana is custom designed for mid-level income families and individuals who are looking for a reasonably priced investment or home. The overwhelming response we received after our launch just over two weeks ago shows that this market segment is still strong and will grow further over time,” said Ashok J. Galgotia, CEO of Triveni Builders and Promoters Limited. “Building on this trust and confidence we have put a plan in action based on a fixed price. This price takes into consideration the anticipated cost of construction and reasonable margins. Hence, we refused to sell the building to some investors who offered to buy it entirely, preferring to sell it apartment by apartment, to individuals and family home buyers.”

The building offers a choice of 105 units comprising of studios, one-bedroom and two-bedroom apartments ranging from 352 square feet to 1,219 square feet, all surrounded by calming greenery and judicious use of light and space.

The project is equipped with all the modern amenities including   three elevators, secure and covered parking, swimming pool and fully equipped gym, sauna, jogging tracks, children’s play area, walkways for the elderly and excellent communication facilities. Prices for units ranged from AED415,900 for studios to AED1,000,300 for two-bedroom apartments.

Construction of the La Fontana is set to commence in April 2008 and the project is scheduled for completion in December of 2009. A range of finance options are available to individual buyers and investors in cooperation with the Mashreq Bank and HSBC for conventional finance and Badr Al-Islami Bank for Islamic finance.