Gemini to float tender for second Dubai project before year-end
Gemini Property Developers will float the tender for its second residential project, a G+29 tower in Business Bay, before the end of 2017
Gemini Property Developers has revealed plans to float the tender for its second real estate project in Dubai before the end of 2017.
Sailesh Jatania, chief executive officer of Gemini, told Construction Week that the project will be a G+29 residential building, to be developed in Business Bay.
He said: “The second project is already on the design board and very soon we are going into the market for a contractor."
Jatania added that while Gemini can’t share more details about the project just yet, it is aiming to begin work on the development this year.
The company’s first project in Dubai is Gemini Splendor, a G+8 residential development in Mohammed bin Rashid (MBR) City.
Splendor consists of 134 apartments – a mix of one-, two-, and three-bedroom units – as well as four townhouses and five duplex penthouses. The project, valued at $76m (AED280m), also features retail units and a variety of amenities that include an infinity swimming pool, an outdoor gym, a basketball court, and a home automation system designed by Lutron.
According to Gemini, the project is nearly 70% complete and is expected to be ready for handover by January 2018.
“We have already completed more than 65% of the building. The structure is already done, and now we are becoming aggressive with sales,” said Jatania, adding: “So far we have funded the project from our own resources and not from sales proceeds.
“Financing for the project consists of 30% debt and 70% equity. And it is only now that we are going to the market with an aggressive approach to sell.”
Jatania, noting that 35% of the units have been sold, explained that the company held back on selling because it wanted to wait until the show apartment was ready.
He elaborated: “We believe that people should see the show apartment, and that they should be able to touch and see what they are getting.”
Gemini recently unveiled a new payment scheme for Splendor, which will allow buyers to pay for up to five years after handover and choose a payment plan from as many as seven options.