Gulf General Investment begins phase two of Axis Residences

Gulf General Investment Company (GGICO) yesterday launched phase two of its Axis Residences at Dubai property Silicon Oasis with a project value of Dh1.3 billion.

The project includes 870 units in six buildings placed over 350,000 square feet of land. The total sellable area is approximately one million square feet, said Mohammad Abdullah Juma Al Sari, managing director of GGICO.

The first building is due for transmission in October 2008 and the remaining five are expected to be handed over in late 2009.

The worth of the project is Dh1.3 billion but this is growing "minute by minute", said Peter Penhall, CEO of global property portal “Gowealthy”.

Five of the buildings are low-rise and the sixth is located in open space, overlooking Al Ain Road.

Al Sari said that his company's current portfolio consist of 28 developments located across Dubai property with an overall value of Dh5 billion, including Horizon Towers and Emirates Crown in Dubai Marina.