Dubai: Apart from the additional plots it has rights to Business Bay, Fortune 5 is in negotiations with Aldar Properties for potential land/property acquisitions in Abu Dhabi.
Last year, Fortune 5 had acquired a under-construction high-rise (ground plus 42-storey) at the Marina Square on Reem Island from Aldar. This was the real estate investment firm’s first exposure in Abu Dhabi. The project has since been completed.
“It was one of the largest transactions post the Aldar-Sorouh merger, coming in at around the half-a-billion dirham mark,” said Prem Gopalani, Executive Chairman. “We were able to get a 7-8 per cent discount, being an asset sale on Aldar’s part. This plus another 5-6 per cent margin upside meant we were able to sell off the units — 202 of them — at a comfortable pricing.”
For the Business Bay project (AG Tower) it launched on Wednesday, Fortune 5 has an alliance with Arab Gulf Properties and Time Properties. On whether joint ventures were how it would get on with future projects, Gopalani said: “This way we get to mitigate the risks and share in the rewards. It works well for us.”
