Fakhruddin Properties Hands Over Oasis High Park
Date Posted: 05-10-2009
Fakhruddin Properties Hands Over Oasis High Park
One of Dubai’s most prominent and dependable developers, Fakhruddin Properties announced today the complete handover of the prestigious Oasis High Park. Built at an investment of AED 100 million, the plush 160-apartment residential building, with an area of approximately 206,000 sq ft, is strategically located right off Emirates Road at the new business hub – Dubai Silicon Oasis.
Mr Yusuf Fakhruddin, CEO, Fakhruddin Properties said, “We are extremely pleased that despite the downturn, we have been able to keep our commitment to our clients. Silicon Oasis is a great community to begin with and has an incredible infrastructure. Owing to its brilliant location, Oasis High Park is one of the best addresses in town offering easy access from Dubai’s main thoroughfare.”
Oasis High Park offers world-class studios and one- and two-bedroom apartments equipped with the finest facilities. “During the course of its development, many extra lifestyle features were added to the tower to provide added value to our customers such as swimming pool, sauna, steam rooms, state-of-the-art health club and 24-hour security.”
The project has already been fully sold out. “For those who need our assistance we are helping to lease out and sell ready apartments. We are also facilitating our investors to get the maximum possible return on investment. In place is also a well trained customer relationship team with a strong background in portfolio management to service and advise our clients to manage their property portfolios with us in order to increase their return on investments in the minimum possible time frame.”
Despite the battering, Fakhruddin Properties remains committed to delivering quality and value to all its stake holders. Mr Fakhruddin said, “We never compromise on quality. Oasis High Park is open for all to see that the construction has been done to the highest standards. We thoroughly snagged the entire building ourselves before the handover to ensure that the execution has been done as per the stringent quality standards defined. Ultimately, we endeavor to keep our legacy for delivering quality and to rise as a dependable, committed and innovative developer, offering value and lifestyle to the changing needs of the current world.”
Like the rest of the market, Fakhruddin Properties rode the wave of the Emirate’s property boom for years. However, today admits Mr Fakhruddin, “Volumes and profitability are greatly reduced compared with last year. Prices have dramatically plunged putting into reverse the amazing surge. But despite the crash we have not stopped. Rather we have continued with the construction at all our projects by creatively fighting the challenges of the industry. Be it the Lake Central at the Business Bay or Trafalgar Central at International City all are progressing well. No doubt plans will have to be modified to meet new realities but the good news is that we are able to stick to our plans.
“Wisely channelizing and managing the cash flow is the key to success in the current scenario. Fakhruddin Properties has always taken steps which are simultaneously in the best interest of all its customers and suppliers. We are offering flexible payment plans to our customers who have invested their hard earned money with us in good hope.”
Mr Fakhruddin advice to investors is, “According to our analysis, the real estate market meltdown is primarily due to investors’ psychological fears and a general loss of confidence in the Dubai market. Some of the factors which have further contributed to the down turn are the speculators and short-term flippers in the market. However, this global recession has not hit as hard as it has in the western part of the world thus, still making Dubai a better choice. The prices of real estate market have nearly touched rock bottom and some of the areas in UAE are way under valued. This brings in the opportunity for cash buyers to invest in this market which is actually offering the best deal out of the lot. Investors are indeed protecting their existing assets, but the challenge lies in creating and maintaining a portfolio of productive, efficient and relatively liquid assets considering the current economic scenario. At the same time we do believe if investors have the holding power and the patience to wait till the property is delivered, they can definitely get a very good ROI in future.”
Mr Fakhruddin remains upbeat about the UAE’s long-term outlook despite the market’s current woes and believes spacing projects could provide the market the much needed soft landing. The carnage is widespread. Most are scaling back or hibernating in the hope of weathering the storm. What is great is that prices have stopped to drop like before. Within, Dubai, opportunities are still there and considering the history, they will never run short. In reference to Fakhruddin Holdings, “we have been able to seize the opportunities offered by Dubai which has led us to develop and maintain a massive diversified portfolio. We strongly reckon that the future of Dubai is bright and the city will come out even stronger after this temporary phase.”
For more information please visit: www.fakhruddinproperties.com
For media contact:
Hina Bakht
Vice President
MPJ (Marketing Pro-Junction)
Mob: +971 50 6975146
h.bakht@mpj-pr.com
