Triveni Builders and Promoters, a Dubai-based developer, is offering a total of 20 apartments at its La Fontana di Trevi residential project in the emirate at rock-bottom prices.

The Dh80 million ($21.8 million) La Fontana di Trevi project, which targets the middle-income segment, was launched in Arjan near Arabian Ranches, just off Emirates Road and Dubailand in February 2008.

The heavily discounted sale covers 20 units including studios, 1 and 2-bedroom apartments that were acquired from distressed defaulters. These ready units will now be given away at below construction cost, and at less than half their original prices.

A studio is being sold for Dh199,000, a one-bedroom for Dh399,000 and a 2-bedroom, which had a price tag in excess of Dh1.2 million when the project was launched in 2008, could be purchased for only Dhs599,000, the company said.

“With the monies raised from this sale, we will settle final payments of our GMC (General Main Contractors) who in turn will settle other smaller nominated sub contractors and material suppliers,” said Ashok J. Galgotia, chief executive of Triveni Builders and Promoters.

La Fontana di Trevi is a low-rise residential development comprising 126 residential apartments which follow the fashionable Chicago Style buildings comprising  large 'Chicago windows,' metal-frame construction, distinctive bays, and terra cotta cladding.
 
Each of its six floors has 3 studios, 12 one-bedrooms and 6 two-bedroom apartments, ranging from 410 sq ft to 1440 sq ft, and based on judicious use of light and space.

La Fontana di Trevi, which is named after the legendary world famous fountain in Rome, is part of the Arjan Master Community in Al Barsha South being developed by Mizin, the project's master developer. Mizin is now part of Dubai Properties Group (DPG).

“La Fontana di Trevi is among the few fast track projects that have been approved by the master developer. We are confident that we will be able to sell the remaining units because there is fresh demand for housing units among the middle-income segment,” Galgotia added.-TradeArabia News Service