Triveni Builders and Promoters Limited (TBPL), a Dubai-based developer wholly-owned by the Triveni Trading Group, has broken ground on its much-awaited, Dh100 million ($27.2 million), middle-income residential building, La Fontana.

La Fontana is a six-storey low-rise building located in the Arjan Master Community in Dubai Land which is one-of-a-kind community that promotes nature, greenery and a family-first, amenity-rich lifestyle.

The groundbreaking ceremony was attended by Jaffer Abdulla Abdule, sponsor and partner of Triveni Group of Companies and Ashok J. Galgotia, chief executive officer of TBPL in addition to more than 60 homebuyers.

"Strategically located within close driving distance to the Mall of the Emirates, the Gold and Diamond Park and the Global Village, La Fontana is targeting genuine home owners and the investor who is looking for guaranteed and best rental returns, should they decide not to move in themselves immediately on getting possession," said Galgotia.

The prices for units range from Dh498,600 for studios to Dh1,315,900 onwards for two-bedroom apartments, he noted.

“This is a project promoted by a tenant for tenants. We are very pleased to have genuine end users as our buyers who look at La Fontana as a sound and a long-term investment. The project was strategically delayed just by few months to match the Master developer’s requirements," Galgotia explained.

" However, now that the construction has begun, we shall work continuously to ensure timely completion of the project. This is our pledge to all are keen on moving into their new homes by mid of 2010 despite the current slowdown in the real estate market, we are committed as ever," he added.

La Fontana is part of the Arjan Master Community that includes residences, schools, parks, hotels, offices, retail and community spaces designed for leisure pursuits. Mizin, a member of Tatweer - a subsidiary of Dubai Holdings - is the project’s master developer, while Arkiplan Consulting Engineers are the project’s designer.

La Fontana offers a range of finance options to individual buyers and investors in cooperation with Mashreq Bank and HSBC, for conventional financing, and Badr Al-Islami Bank, for Islamic financing.

Triveni Builders is a subsidiary of Triveni Group, which was founded in 1993 in the UAE as a developing engineering company involved in electrical and mechanical engineering products.

Recently, Triveni Group has subcontracted with Stromek Emirates Foundation, the subsidiary of M’share wholly-owned by Dubai Investments, for the execution of shoring and excavation works for La Fontana.-TradeArabia News Service