Dubai-based developer Triveni Builders and Promoters, a wholly-owned company of the Triveni Trading Group, recently hosted a special ceremony to celebrate the opening of its Dh80 million ($21.78 million) La Fontana di Trevi residential development in Arjan.

The event was attended by several investors, home owners and prospective individual buyers. During the function, the guests were also taken on a tour of the building, as well as the model studio, 1 and 2-bedroom apartments to give them an opportunity to experience first-hand the designs and architectural excellence of its ready apartments.

The soft opening coincided with a heavily discounted sale of 20 ready apartments at La Fontana di Trevi, a low-rise residential project that was launched in February 2008 near Arabian Ranches, just off Emirates Road and Dubailand. These 20 ready units covering studios, 1 and 2-bedrom apartments are being given away at below construction cost, and at less than half their original prices.

A few lucky investors and individual buyers are now able to lay their hands on a great bargain – a studio is being sold for Dhs199,000, a one-bedroom for Dhs399,000 and a 2-bedroom, which had a price tag in excess of Dhs1.2 million when the project was launched in 2008, could be purchased for only Dhs599,000!

Commenting on the occasion, Ashok J Galgotia, the CEO of Triveni Builders and Promoters Ltd said the fact that the La Fontana di Trevi project was completed inspite of tough global conditions was a reflection of the company’s commitment to carry out its responsibilities and uphold its reputation as a trustworthy developer.

“La Fontana di Trevi is a significant development for the middle-income segment. Investors and other buyers have responded positively to our special offer, and are excited by the prospect of taking possession of ready apartments at such low prices”, said Galgotia.

La Fontana di Trevi is the only ready property in the Arjan master community. The decision by Triveni Builders and Promoters to give away the apartments at rock-bottom prices is largely based on the fact that development activity in the master community has come to a virtual standstill.

Expressing his thanks to the consultants and contractors who had contributed hugely to ensure the completion of the project, Galgotia said that the extraordinary sale of 20 units would also help Triveni Builders and Promoters settle final payments of the company’s general main contractors, who will in turn settle other smaller nominated sub contractors and material suppliers.

La Fontana di Trevi comprises 122 contemporary and elegant residential apartments built on architectural excellence based on the fashionable Chicago Style buildings comprising large "Chicago windows," metal-frame construction, distinctive bays, and terra cotta cladding.

Each of its six floors has studios, one-bedrooms and 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).

Triveni Builders and Promoters has also taken measures to protect all its existing and future property owners and investors including the establishment of its own Escrow account. The company is a subsidiary of Triveni Trading Group, which was founded in 1993 in UAE as an engineering company involved in electrical and mechanical engineering products. - TradeArabia News Service