Triveni Builders and Promoters Limited (TBPL) said that about 60 per cent of its Dh100 million ($27.2 million) La Fontana apartments project in Dubai, which was launched just weeks ago, has been sold.

TBPL is a Dubai-based developer and a wholly-owned company by the Triveni Trading Group.

Positioned as a mid income family development, La Fontana is a six-storey low rise building located in the Arjan Master community in Dubailand.

“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 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 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 Dh415,900 for studios to Dh1,000,300 for two-bedroom apartments.

Construction of the La Fontana is set to commence in April this year 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.-TradeArabia News Service